“Obama to Bypass Congress on Mortgages” … But “New Obama Foreclosure Plan Helps Banks At Taxpayers’ Expense”

Obama Bypasses Congress … to Enact Program Which Helps Banks at Taxpayers’ Expense

CBS News notes that Obama is bypassing Congress to enact mortgage reform:

President Obama is going to begin a series of executive branch actions that will not require action from Congress – or the assent of Republicans.
With recovery in the housing market tied to economic recovery, Mr. Obama will today announce what senior officials are calling a “major overhaul” of the government’s underused refinance program for federally guaranteed mortgages, in order to aid homeowners having difficult refinancing their housing loan.

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