My earlier note misrepresented the new policy announced by Fannie Mae yesterday. They will NOT be allowing homeowners to get further underwater through refinancing as I wrote. Their new policy is to allow people who already owe more than the value of their home to refinance into a lower interest mortgage. This is exactly what we should want banks and other financial institutions to do. It effectively means taking some loss on the current loan in the hope that the homeowner will be able to meet the terms of a new loan.
A second Trump administration will cement a right-wing majority on the Supreme Court for a generation, and put our collective future in the hands of someone who will be virtually unchecked by our institutions. The country has shifted rightward, and the reverberations will ensue for potentially the next few decades. In this climate, a robust independent media ecosystem will be more important than ever. We're committed to bringing you the latest news on how Trump's agenda will actually affect the American people, shining a light on the stories corporate media overlooks and keeping the public informed about how power really works in this country.
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