Posted: 5/13/2012 12:46:05 AM
No styrofoam Greek columns... The leader of the free world is finding it hard to draw a good crowd these day's ....Obama draws only 60 or 70 neighbors lined up two deep outside someone's garage in Reno..
Obama visited Val and Paul Keller on Friday. The White House described them as “responsible” homeowners who owe more on their mortgage than their Nevada home is currently worth.
They owe $168,000 on their mortgage, but their Reno home is currently valued at $100,000.
According to Washoe County records, the Kellers purchased their home in June 1998 for $127,000. So why do they have, according to the White House, a $168,000 mortgage?
White House officials now confirm ,that the Kellers did a cash-out refinance in 2007, when their home had appreciated to $250,000. ...
Are these the “responsible” borrowers that the administration is looking to help?
They took out a $178,000 loan, using the $51,000 to pay down debt on the family construction business, so Paul could retire. Had they not taken that money out, and continued paying on the original mortgage, they would not be underwater today.
Honey... do you want to go across the street to the Keller's and see President Obama ?
No Virginia.. I think, I'll stay here and finish watching this infomercial ..