Democrats “Staunchly Opposed” to a Stimulus for Regular Folks
[Senator Mitch McConnell] has proposed that the federal government subsidize mortgages with a fixed interest rate of 4 percent to 4.5 percent. Fannie Mae and Freddie Mac, the two government-controlled mortgage-finance companies, would use their buying power in the mortgage market to drive the rates down….Translation: Responsible, middle-class folks who have been scraping by, but are feeling strained because of the condition of the broader economy have no place in the Democratic agenda.
The low rates would be open to any “creditworthy” borrowers, which would probably exclude many if not most homeowners who are now facing foreclosure. But supporters of the plan argue that it would help lift housing prices, which would make it easier for troubled homeowners to either refinance or sell their houses.
But senior Democratic lawmakers are staunchly opposed to the plan, warning that the costs could climb as high as $1 trillion.
Isn’t this the best reason you’ve heard so far for supporting the McConnell plan?