We all thought she was crazy, but she may have been half right. President Obama is pandering to voters by throwing 50 billion of your tax dollars to people who can't or won't make their mortgage payments.
"We are very definitely trying to facilitate more principal reductions," said Timothy Massad, Treasury's acting assistant secretary for financial stability. "It is a very important piece of the overall solution," he said.
The administration is trying through taxpayer-funded programs to prevent homeowners from losing their homes. Nearly $50 billion has been set aside from the $700 billion bank bailout known as the Troubled Asset Relief Program, or TARP, to help distressed homeowners.
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