by Michael Boshnack
"Later this week, the Obama administration will announce the details of its Homeowner Affordability and Stability Plan, an attempt to rescue homeowners from the housing meltdown that precipitated the financial crisis.
The plan uses $275 billion in taxpayer funds to help homeowners refinance at lower interest rate and to subsidize payments from borrowers to lenders. The plan also contains new capital injections for Fannie Mae and Freddie Mac, and it gives bankruptcy judges power to reduce mortgage payments from borrowers to lenders.
This plan is exactly the wrong medicine for the economy. Here's why..."
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