Mish is, of course, absolutely right as usual. There is nothing more dangerous than fantasy world programs for stimulating housing. If refinancing is to be accomplished it needs to be accompanied by debt forgiveness by the banks, say 50 percent refinancing and 50 percent debt forgiveness, plus alteration of the mortgage to secure the loan on the person rather than the property!
http://globaleconomicanalysis.blogspot.com/2011/08/obama-seeks-holy-grail-of-housing.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+MishsGlobalEconomicTrendAnalysis+%28Mish%27s+Global+Economic+Trend+Analysis%29
Twitter: @wuhlax
