New Fox News piece: "More Bad Economic News, Yet Here Comes ANOTHER Wall Street Bailout"

My newest piece starts off this way:

Americans may be extremely upset about Wall Street bailouts, but President Obama isn't listening. Come September 7, President Obama will have Wall Street investment banks lining up for another huge bailout. But such a bailout will do little to stimulate the housing market and offset the latest 27.2 percent plunge in existing home sales.

The Federal Housing Administration (FHA) will offer financial institutions holding mortgages worth more than the value of the houses, so-called "underwater" mortgages, a guarantee on 90 percent of the mortgage value if the institution will write-off 10 percent of the mortgage. . . .

To summarize: Those who made large down payments when they bought their homes get no benefit but those who put little or no money down get a reduction in debt. This creates great incentives for the future.

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