Over ten million homeowners have negative equity in their mortgage right now. That's 23% of all mortgage holders, and so dire is the threat that a $200 billion credit line has been granted to Fannie Mae and Freddie Mac to keep them solvent because each mortgage that goes under makes your house worth less.
But I guess that it is a problem without a solution. After all, the Bush administration tried mortgage rescue and it didn't work, and now the Obama administration is trying but it just doesn't seem to work. Oh, what am I thinking? I forgot to tell you that astronomical number that the big spending liberal government spent to save the homes of over one million deadbeats. That number was "Zero," not one thin dime; when HOLC was phased out in the 1950s, it returned a small surplus to the Treasury.
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