An August Fannie Mae an Freddie Mac Debt Forgiveness Surprise From Obama?

James Pethokoukis:

Main Street may be about to get it’s own gigantic bailout. Rumors are running wild from Washington to Wall Street that the Obama Administration is about to order government-controlled lenders Fannie Mae and Freddie Mac to forgive a portion of the mortgage debt if millions of Americans who owe more than what their homes are worth.

Fascinating. I don’t think this will help during the November election.