I was listening to Glenn Beck for a while today, and he pointed out that 98% of mortages in this country are through the government entities of Freddie Mac and Fannie Mae, and that Fannie Mae is $8 billion in the red this quarter. And yet Obama wants banks to start giving loans again to people who can't afford them and won't pay them back.
Beck thinks he knows the reason.
When the people default on the mortages owned by Freddie Mac and Fannie Mae...i.e., the government, the government gets to own all those houses. There will then be no need to confiscate people's homes, as happens under communism. The government will just...own them...and their inhabitants will pay rent to the government. (And of course if they can't afford that rent themselves, the government will send them money - taken from taxpayers - so that they can pay their rent.
