Mortgage aid program is needed
The Bush Administration is clueless about the magnitude of the home mortgage crisis. This is a big issue and will expand even further as adjustable mortgage rates start reseting again later his year.
It amazes me that President Bush cannot come up with a way to help homeowners losing their homes, but he spends like a drunken sailor on rebuilding Iraq and assisting other countries.
Millions are spent on nation building and other questionable aid programs without any regard to how this spending is impacting the entire American economy. He can do better than this.
Buoyed by better-than-expected economic news, the administration hardened its negotiating stance this week, making clear that the president would not accept the plan in its present form.“It clearly is way too expensive and it looks way too much like a bail-out,” Mr Hennessey said, adding that now the question was whether a compromise could be worked out that would still involve an expansion of the role of the FHA, but without any cost to taxpayers and fewer concerns about “moral hazard”.
Comments
We should just give every adult a government credit card and eliminate congress entirely. ;) We use to have standards that had to be met before a mortgage was issued. It's not The President's responsibility or any branch of government to bail everyone out of his or her debts. This society is becoming a damn farce.
It was a joke, I wrote a satirical essay: "A Credit Worthy Society" a few years back mocking our spend thrift vote buying politicians.