DC Morning: Obama to toss more change into lucky subprime mortgage fountain

Mike Riggs Contributor
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Sometime today, the White House will announce a plan to give even more money to homeowners whose only consideration before borrowing large sums of money at variable interest rates to buy houses they didn’t need was, “I wonder if maybe I should re-examine my–SQUIRREL!”

According to the AP, “The effort will let people who owe more on their mortgages than their properties are worth get new loans backed by the Federal Housing Administration, people briefed on the plan said.” In addition, “the plan also will require the more than 100 mortgage companies participating in the administration’s existing foreclosure prevention program to consider slashing the amount borrowers owe. They will get incentive payments if they do so.”

This is your American dream on “No down payment!” and “Two years interest-free” and “Dear God we need–SQUIRREL!”