In an effort to artificially prop up numbers and make it look like he’s “doing something”, President Obama is getting ready to further screw up the housing market.
“We’re going to be rolling out an FHA refinancing effort to help borrowers who are under water in their homes get above water,” [HUD Secretary Shaun] Donovan said in an exclusive interview taped for CNN’s “State of the Union with Candy Crowley” on Sunday. “And second, we’re launching an emergency homeowners’ loan program for unemployed borrowers to be able to stay in their homes.”
Hasn’t it already been made obvious that their messing around just robs Peter to pay Paul in more ways than one? But who cares, as long as it helps push housing numbers in the “right direction” just in time for the election. They won’t crash again until afterward.
“I think it’s too early to say, after one month of numbers, whether the tax credit will be revived or not,” Donovan told CNN. “All I can tell you is that we are watching very carefully. I talked earlier about new tools that we will launch in the coming week, and we are going to be focused on where the housing market is moving going forward. And we’re going to do everything we can to make sure that this market stabilizes and recovers.”
I don’t think it’s too early to say that to heck with reality, Obama wants the numbers to look better just before the election. If they want it to stabilize and recover, they need to quit messing with it and let it run its course.