A recent report by Moody's Analytics says that in a best case scenario, consumers might save upwards of $63 billion a year if Fannie Mae and Freddie Mac participated in a workable refinancing program for underwater borrowers. That seems like a lot of economic stimulus to us — especially since such a move would not hurt the U.S. Treasury.
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So, what's the hold up? We continue to hear the same old same old: MBS investors, big banks, and hedge funds are lobbying against it, and they apparently control our nation's politicians. A few weeks ago it was anticipated that President Obama would make a speech on housing issues and unveil the refi plan, but suddenly it's all radio silence in Washington.
But what would President Christie do?
