Bush Readies Mortgage Aid Plan

Washington Post:

The Bush administration is finalizing details of a plan to rescue thousands of homeowners at risk of foreclosure by helping them refinance into more affordable mortgages backed by public funds, government officials said.

The proposal is aimed at assisting borrowers who owe their banks more than their homes are worth because of plummeting prices, an issue at the heart of the nation's housing crisis. Under the plan, the Federal Housing Administration would encourage lenders to forgive a portion of those loans and issue new, smaller mortgages in exchange for the financial backing of the federal government.

Read the whole story: Washington Post

Comments

[dadw5boys]

Quick run out and buy a huge house !!!!!!!!!!!!!!!!!

This is Katernia ll if you ask me. All talk and no substance.

Good Job there Bushie.

[Purple Girl]

Blowing Smoke Up Our Asses Again. this Admin is giving me colon Cancer!
They should be liquating the Personal Assets of the Con men who have been pulling this 'Sting' for Decades ( 1934- Frederal Reserve was Spawned). Hell the Naitonal Debt would be Wiped Out after just a Few of the 'Players' Morgan, Rockefellars.. If their is more left over after all the big Players and their minions are shaken Down for their Debts- send them to their other 'Creditors' to be held accountable.
How does it feel to have your ass swinging in the wind ???

[maggiemae656]

Congress Readies Activist Housing Agenda
http://biz.yahoo.com/ap/080330/housing_help.html

'Behind the partisan disputes are several measures that enjoy broad support. They include letting states issue $10 billion in tax-exempt bonds to refinance subprime loans; strengthening loan disclosure rules; and ALLOWING BUSINESSES THAT HAVE SUFFERED LOSSES TO RECLAIM PREVIOUSLY PAID TAXES."

Does anyone have any clue about the last sentence? Do you know what businesses they are referring to in this discussion relating to home mortgage foreclosures?

[abbiehoffmansghost]

Why are we asked to provide taxpayer funds for this? Anyone?

[timothe]

Wow!! The comments here amaze me...they really do.

If you go back to the Bear Stearns thread, everyone there was complaining about Bush ignoring the poor homeowners because he's a corporate "fill in the blank". So a week later....one week later, he announces a program that is designed to help the poor homeowners and you guys are still moaning about Bush. (for the record, I'm not for these bailouts. I'm just simply pointing out the hypocrisy)

Moral of the story. Never pander to the left. No matter how far you go, you still won't satisfy them.

[abbiehoffmansghost]

Bullshit. Where's your evidence? I for one do not want the government being a part of bailing out fools, never did. I believe in hard work. It's people like you on the right that have a classist sense of entitlement but for the select few. I say screw the banks and the morons who borrowed knowing that they wouldn't be able to make it or who bought a house that was more than they could afford. I say screw the banks who were overrun by greed and dishonesty. And I say if there are repercussions from bank failures then that's the price you pay for living in a law abiding democracy. That's the price, screw the right.

[Rule Of Law]

abbie, and the punishment for the banks should be the immediate forgiving of all loans to homeowners who took out subprime and adjustable loans. A complete restructuring and a moratorium on payments until the trials are over! Guaranteed those bankers would never play this game again.

[Grannysue]

Poor man he's confused they told him people are losing their homes and drowning under the burden placed on them, and he said I'll fly over, wave and send in FEMA! HAHAHAHAHA

[Gary47]

Only coming out now because it took them this long to figure out how to use the mortgage crises to screw the American public again while calling it "aid". We're on to you Georgie.

[paixa3]

If george thought it up, you know it SUCKS.

The dimwit should just shut up and let real honest financiers figure out how to solve the problems.

[arsphidius]

I have a problem with MY taxes going to bail out people who bought houses they couldn't afford. I have been living in a rental house for 10 years, unable to come up with a down payment for a house (husband was laid off for a while, child with a disability). But I knew enough to stay away from the predatory lenders. So now my money is going to people who didn't have enough sense to read the fine print. When is someone going to bail me out and buy me a house?

[FrankFurter]

Let me guess: More tax breaks for his "base" corporate donors (JP Morgan et al).

[thatsitfortheotherone]

But, but, but isn't that SOCIALISM?

[FatherOfAllLife]

I'll answer that question for you, UMMM....

OH HEY LOOK QUICK , IT'S clinton's D**K!

DID YOU SAY SOMETHING?

[thatsitfortheotherone]

Hillary's got a D**K?

[Not Blind]

Bush's plan to help homeowners in default may sound good, but the root cause of the problem is not being solved. The predatory, risky lending practices that put people into homes they could not afford, and the manipulative tactics by brokers who inflated appraisals, lied about individual's incomes, and convincing buyers to accept the "teaser" rates, knowing full well they'd mushroom to double or triple within a year or two. The deregulation of the banking and securities industries (begun by Reagan) led to the S&L crisis, for which, WE, the taxpayers were left covering the losses. Many S&L owners and CEO's, like Bush's brother, the Clintons, Keating walked off with millions in cash, and the depositors, investors had nothing. Now, once again, the taxpayers will bail out the banks and securities firms that took advantage of loopholes, deregulation, and behaved recklessly, to cover their losses. It's time to re-regulate the banking and securities industries, among others, to prevent future losses and abuses.
Just bailing out banks, or defaulting homeowners won't stop further abuses and fraudulent activities on the part of those industries, but will enable and encourage them to do more of the same. There needs to be accountability and consequences to those who made the risky decisions, circumvented conventional wisdom (and laws).

[Earl]

This same mantra was heard after the S&L crisis: never again. Unfortunately, there will always be loopholes for unethical people to exploit. I'm sure they have already moved on to the next one. (And you can bet a Bush will be there.)

[editor]

For those that are broke or can't eat; they are not "Under Water" splishing and splashing. They are broke and can't eat.

[Sneaky]

Great answer Bush. We'll spend more money, "on the people", that we don't have. Is there no problem printing money won't solve? Besides inflation. And monetary devaluation. And lack of value-backed currency. And reaching into the pockets of others when yours aren't deep enough and the machines can't print fast enough...

China, Japan, and Saudi Arabia must REALLY like us. Were I them, I'd have dumped the USD a long time ago, and flood the market with US money for good measure. That'll teach them Americans and their silly president.

[meanpeoplesuck]

you hate this country, don't you.

[Sneaky]

On the contrary, I love my country dearly. That's why I fret about the things I do. Did you even read my post?

[RealMrBill]

Under water... just like he left all the citizens of New Orleans. Go away George....