Obama Backs Rule Change to Modify Mortgages

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Anonymous_IHB

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Obama Backs Rule Change to Modify Mortgages

<A href="http://www.cnbc.com/id/29100482">http://www.cnbc.com/id/29100482</A>



"If you are like most people, including me, and you've got one house ... it turns out that under current law you can't modify that mortgage if you are in bankruptcy," Obama told a townhall meeting as he campaigned for an $800 billion economic stimulus package being debated by lawmakers.



"That makes no sense ... that is forcing a lot of people into foreclosure," Obama said. "This is a piece of legislation that I strongly support."
 
Funny, when you look at MBS pools that are 30% delinquent, less than 2% are in the BK category. I strongly support this too, because when you look at the bigger and actual picture, it really doesn't mean it will do much when 28% of the pool is not in BK. God bless America, when you realize that our politicians think they are fixing a problem, and you realize that they are clueless like they normally are.
 
<em>less than 2% are in the BK category</em>



But it sure *sounds* good, doesn't it. Factual, but mostly useless.



In other words, great soundbite.
 
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