NBC Admits Obama Mortgage Plan Won't Work, But Cheers it As Good Politics

(By Kyle Drennen, NewsBusters.org) - At the top of Monday's NBC 'Today', co-host Matt Lauer touted a new plan to address the housing crisis: "After a series of foreign policy victories, President Obama is hitting the road to sell his plan to help turn around the struggling economy and today the focus is on the housing market." Lauer later wondered to chief White House correspondent Chuck Todd if the plan would, "help politically?"

Todd declared: "Well, it could....emphasize the fact that they can't get anything done through Congress, right? That Republicans won't do anything....Mitt Romney said of the housing crisis, 'You know what? We're not allowing foreclosures to happen fast enough.' So this is a two-fer, as far as the White House is concerned. They feel like they can talk about housing but also make the Republicans look like they're out of touch on that."

However, Lauer began his discussion with Todd by pointing out criticism of the plan: "...it says that it will help make it easier for them to refinance those mortgages. Already critics say it won't work." Todd acknowledged a major flaw: "...it's similar to the plan the President unveiled over two years ago....The problem is, with the plan initially and with this one, is Matt, you cannot force the banks to do this."