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The Push for Mortgage Bailouts

Recorded on August 2, 2012

From The Heritage Foundation, I'm Ernest Istook.

America's liberals have a new Enemy Number One.

His name is Ed DeMarco. He heads the Federal Housing Finance Agency, which oversees mortgage giants Fannie Mae and Freddie Mac.

DeMarco's supposed crime is refusing to approve a multi-billion dollar Obama Administration plan to use taxpayer money to reduce how much people owe on their mortgages.

President Obama wants to bypass Congress, so he needs an okay for this plan from Mr. DeMarco. But DeMarco has refused to budge, so liberals are hollering that he must be fired.

Obama wants our money to pay down the balance for people whose homes are underwater—meaning their house is worth less than what's owed on the mortgage.

But if we ever went down that road, how many people would dig deep financial holes for themselves, expecting that we, the taxpayers, will bail them out?

From The Heritage Foundation, I'm Ernest Istook.