[jwparkerjr]

I think I would make any federal assistance to one of the sub-prime lenders contingent on them working with their customers to help them keep their homes out of foreclosure. What’s happening now is people are defaulting and the feds are stepping in to keep the lender out of bankruptcy. That’s great for the lender and the lender’s shareholders, but it does nothing for the borrower. I am against any bailout schemes to help those who got themselves into hot water with these Venus Fly Trap mortgages, but if the insist on ignoring my advice then I want the guy at the bottom of the food chain to get help too.

[Hydroshock]

Like the S&L bailout the object is to cover the lenders not the borrowers. ANd there is a real danger you and I as taxpayers will pay for part of this. There already have been high placed voices calling for a government bailout.