Subprime Relief - Too Little Too Late?
Yeppers ... the very same President Bush who brought you Afganistan and Iraq is now pledging to try to save your house.
[[Laughing uncontrolably to the point of coughing up blood ... ]]
"Reforming the tax code"?
"Rigorously enforcing predatory lending laws and strengthening lending practices"?
How about putting the bit on Bernanke for a half-point Fed Funds cut NOW?
And how about setting up some sort of maybe federal agency that can simply buy up these messed up mortgages and rent back to the original borrowers so that PEOPLE AREN'T GETTING THROWN OUT IN THE STREET??
And how about BANNING these sub-prime mortgages in the first place? There's a REASON you shouldn't lend money to people with bad credit you know ...
Labels: Sub-Prime Mortgage Crisis
Axinar's Posts
3 Comments:
Ban it? Why? There has been no deception, except perhaps by the borrowers. How about banning stupidity? Bad loans were made, and now the lenders will have to pay (as well as the bad borrowers).
Why must we create a new social program which rewards poor financial planning? Go after the predatory lenders NOT the subprime lenders- they did nothing wrong.
I wrote about my take on subprime:
http://councilofnicea.blogspot.com/2007/08/busting-predatory-lending-myth.html
It just doesn't seem fair to me that a product should be LEGAL where there is so much of a chance of EXACTLY this sort of thing happening - 40-year interest rate lows going back to closer to normal and people having borrowed short-term funds for long term purposes. It's brutal on the borrowers and can snowball into taking down whole economies.
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