Editorial Board
For the Economy, the Real Slam Dunk Is Debt Forgiveness: View
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U.S. homeowners don’t need another reduction in their mortgage payments. What they need is a break on their debts.
As President Barack Obama prepares to present his job-creation plans to Congress this week, his advisers are studying what some economists have called a “slam-dunk stimulus.” The idea: Push mortgage giants Fannie Mae and Freddie Mac to refinance the loans of millions of homeowners who otherwise wouldn’t qualify because they owe more than their houses are worth.