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Obama preparing to give free houses to the people?

by James Denison / August 5, 2010 1:01 AM PDT

A chicken in every pot, a car in every garage, and we'll give you the pot and garage too!!!

This age's "Land Rush"?

http://www.businessinsider.com/will-obamas-election-year-hail-mary-be-a-massive-mortgage-relief-plan-for-homeowners-2010-8

http://blogs.reuters.com/james-pethokoukis/2010/08/05/an-august-surprise-from-obama/

Main Street may be about to get its own gigantic bailout. Rumors are running wild from Washington to Wall Street that the Obama
administration is about to order government-controlled lenders Fannie Mae and Freddie Mac to forgive a portion of the mortgage
debt of millions of Americans who owe more than what their homes are worth. An estimated 15 million U.S. mortgages ? one in
five ? are underwater with negative equity of some $800 billion. Recall that on Christmas Eve 2009, the Treasury Department
waived a $400 billion limit on financial assistance to Fannie and Freddie, pledging unlimited help.

The move, if it happens, would be a stunning political and economic bombshell less than 100 days before a midterm election in
which Democrats are currently expected to suffer massive, if not historic losses. The key date to watch is August 17 when the
Treasury Department holds a much-hyped meeting on the future of Fannie and Freddie.

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