This doesn’t seem to be working so well

Fanie Mae “Home-Saver” rescue plan hits 70% foreclosure rate. I doubt anyone in Washington is too worried about this. The point of all our welfare programs is not that they don’t work – we’ve known that at least since the failure of the War on Poverty – but whether our intentions are good. And what demonstrates a good intention better than confiscating billions of dollars from one group of citizens and bestowing it on another?

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One response to “This doesn’t seem to be working so well

  1. Old School Grump

    Folks, if you want to be completely infuriated, read the link.

    Doesn’t the subsequent securitization of many of these mortgages throw a monkey wrench into any grand plan to reduce the face value of the loans? I sure as hell hope so.