Posted on 08/30/2007 6:12:46 PM PDT by Dubya
WASHINGTON, Aug. 30 — President Bush, in his first response to low-income families hit by the subprime mortgage crisis, plans to announce several steps Friday aimed at helping Americans with credit difficulties to meet the rising cost of their housing loans, administration officials said Thursday.
(Excerpt) Read more at nytimes.com ...
Compassionate conservatism.
I have never been so disappointed in a president.
Where in the hell does the president find this garbage? It’s not in the Constitution. What part of the Constitution does it provide for bailing out people with rotten loans? And to do it with public money, no less, is an outrage? Kinda’ like the federal government telling us how many gallons of water our toilets will be allowed to flush. Our Founding Fathers would be outraged.
This is getting old. The middle class bails out the poor and the rich.
I am so sick of it.
Details:
“The officials said Mr. Bush would call for the Federal Housing Administration to raise the ceilings on what it can charge for federal mortgage insurance, a move that they said would enable an additional 80,000 homeowners with spotty credit records to take advantage of the program, beyond the 160,000 likely to use it this year and next.
Several other steps the administration plans to announce involve seeking legislative changes and what one official called “jawboning” of banks and other lending institutions to avoid foreclosing on distressed mortgage holders.
In addition, Mr. Bush is expected to endorse several proposals backed by Democrats in Congress that would raise the ceiling on the amount of mortgage insurance available for refinancing and to provide tax relief to those who renegotiate their mortgages to their financial advantage.”
Not sure how much more of “compassionate” conservatism one can take.
Why does it surprise you? His daddy bailed out the Savings and Loan industry, President Bush will bail out the Mortgage industry.
Is he going to declare interest EARNED as non-taxible, and interst paid as tax deductible?
Let them borrow left over Katrina trailers?
Boy am I dumb, not getting myself into a home loan I could not afford.
Bush gives money away and creates more bureaucrcy to do it.
Make it simple: write a check for everyone who wants one.
~ sigh
Mortgage interest is deductible,,what else do we need to do?
You can’t bail out a boat that is already sunk..these people need to be renters saving for a down payment again.
Why not help them with that savings?
“I have never been so disappointed in a president.”
Agreed.
Also, this is not about the “poor folks” losing their homes...it’s about bailing out the jerks that gave them a mortgage.
I think he should propose legislation that all loan applications should contain a simple math test... and proof of a valid SSN.
“The middle class bails out the poor and the rich.”
Bingo.
On the one hand banks don’t want to foreclose on the over-valued properties. On the other hand it is not profitable to renegotiate loans to the benefit of the borrower. Therefore, Government steps in with our money to subsidize the banks, keeping their profits higher.
Bernanke said publicly he was asking lenders to renegotiate. But what economic sense does that make if the lenders can get the money from the govt?
oh good more blank checks to people that have no cash
Yo Pres! Caveat emptor … “let the buyer beware”. Can we afford to save everyone? Is it our obligation to save everone? NO, NO, NO. Many make financial mistakes; their mistakes should not be taken care of by the American taxpayer.
AAAAAGGGGGHHHHH
it makes me soooooo 2@@###@#@$^@# mad when I have been working and paying and doing it the right way for 25 years and this crop of ignorant yuppy wannabees are overfinanced by a bunch of crooked mortgage companies that know they can ‘cut and run’ when this cr#p happens.
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