Administration Plans New Effort on Foreclosures

From Yahoo News. Our taxpayer dollars at work AGAIN!

"Under the $75 billion Treasury program, companies that agree to lower payments for troubled borrowers collect $1,000 initially from the government for each loan, followed by $1,000 annually for up to three years.

The government support, which is provided from the $700 billion financial bailout program, is aimed at providing cash incentives for mortgage providers to accept smaller mortgage payments rather than foreclosing on homes."

Obama's paying them to take a loss--as if they couldn't write it off on their taxes! He's vote-fishing.