Wednesday, May 12, 2010

Fannie Mae and Freddie Mac -#1717 - Mortgages: Walking Away - CBS

Watch CBS News Videos Online
It's estimated that one million Americans walked away from homes "underwater" or worth less than their mortgages even though they could afford the payments. Morley Safer reports on this trend, called strategic default, that threatens the economic recovery.  This is a very sobering video, 50% of mortgages in Arizona are underwater, 65% in Nevada.  See following article:

The Tyranny of Good Intention - Bert Folsom - Hillsdale College - Rush mentioned this on his radio show today -  - As we look around us, we are awash in failed government programs. At the state level, California (and other states) are broke and desperate for cash. At the federal level, we see minimum wage laws stifling the hiring of young men and women; a social security system that is on the verge of paying out more than it takes in; and Fannie Mae and Freddie Mac receiving $145 billion in tax dollars now, and more later. We got into this mess because people looked to government to solve problems. The Founders of our nation, by contrast, saw government as a potential source of problems, and they wrote a Constitution to tie the hands of politicians and slow down their mischief. The Founders assumed that if government expanded in power, tyranny was around the corner. Why do Americans today encounter problems and look to government to solve them, instead of recognizing that more government is likely to make the problem worse? Read more......  Please also see Steve Peter's Commentary Column below that also deals with this.  

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