Obama to pledge $75 billion mortgage bailout today
Another day, another massive U.S. bailout. This time it will be a $75 billion package—to be unveiled by President Obama this afternoon—to help the up to 9 million Americans who are in trouble with the mortgages. Buried in this AP story are some staggering figures: “Of the nearly 52 million U.S. homeowners with a mortgage, about 13.8 million, or nearly 27 percent, owe more on their mortgage than their house is now worth.” Very scary.