Obama proposes another housing boondoggle to help 'underwater' homeowners

It's the same mindset that believes that more "stimulus" will grow the economy. The administration has already attempted several schemes to help homeowners overcome what is largely their own bad decision (or simple bad luck) to purchase an overpriced, overvaulued home in a falling market. They have all failed miserably. But if at first you don't succeed...make sure the failure looks good in an election year: President Obama is pushing Congress to pass his plan to help struggling homeowners refinance their mortgages. "I'm sending Congress a plan that will give every responsible homeowner the chance to save about $3,000 a year on their mortgages by refinancing at historically low rates. No more red tape. No more endless forms," Obama said in his weekly address. "And a small fee on the largest financial institutions will make sure it doesn't add a dime to the deficit." Obama's plan would empower all homeowners who are up-to-date on their mortgages to refinance at today's historically...(Read Full Post)