Brother Double Speak...
Within the first opening moments of his yet ONE MORE prime time presser, Cool Brutha in Chief stated that the mortgage bailout programs should only go to "
responsible mortgage holders who need help" and then claimed that "
up to 40% of all mortgages are now eligible for his bailout plan..." (transcript not available at time of posting...)
(UPDATE: the exact wording as referred to in the above graph from the transcript:
"The second step we took was to launch a plan to stabilize the housing market and help responsible homeowners stay in their homes. This plan's one reason that mortgage interest rates are now at near historic lows. We've already seen a jump in refinancing of some mortgages, as homeowners take advantage of lower rates. And every American should know that up to 40 percent of all mortgages are now eligible for refinancing.")
Are 40% of all mortgages in default?
Are 40% of all mortgages in default but also held by "responsible mortgage holders?"
And closer... how does one maintain the title of responsible mortgage holder and simultaneously go default on one's mortgage?
Anyone wanna take a stab at this?