President Bush will announce this afternoon an agreement with major mortgage firms to freeze interest rates for five years for financially troubled homeowners -- a plan advocates say will help forestall a major foreclosure crisis but some conservatives say amounts to a bailout of people who made bad financial decisions. The plan would apply to homeowners who got adjustable-rate subprime mortgages between Jan. 1, 2005 and July 31, 2007 and are facing a sharp jump in their rates before July 31, 2010.
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Great now we are bailing out real-estate speculators. -
He is buying time to ward off a recession until he is out of office. He is partially responsible for lowering the interest rates so low which artificially inflated the economy. It was about to bite him in the ass so he made a move to make himself look good and to let the next president deal with it.Comment
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A little late.Comment
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does this have more good or bad sides?
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yea, tell Bush i lost a lot of money when NASDAQ went to doody in 2001.... i know i am not alone and a lot of us would have liked to have been bailed out...Comment
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Lets not forget all the mortgage lenders that were telling lies to the people..PornGuy skype me pornguy_epic
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