Politics – Strapped homeowners could refinance into government-backed mortgages and states would get money to deal with foreclosed property under Democrats' housing aid plan.
Bush says he will veto this bill.
Bush is a hypocrite, along with the Republicans.
They bailed out Bear Stearns and other lending institutions in a HEARTBEAT.
But, they refuse to help the AVERAGE citizens who were fraudulently sold on those sub-prime mortgages and were not given all of the facts and risks to evaluate before the contracts were signed.
Predatory lending in disguise is what those sub-prime mortgages were.
But, we bail out the institutions, the perpetrators of the deception, while we let millions of Americans go bankrupt and get thrown out of their homes.
The Bush administration cares about NO ONE except their few rich, elite corporate buddies and their OWN pocketbooks.
Disgusting ...
There is no reason to bail out the flippers and speculators and to include the sleazy lenders in any bailout. If you want to do anything, let the property be foreclosed and then bought as auction to re-establish the worth of the property. Then the homeowners could get a loan to keep possession. No body gets nor deserves a free bailout unless there is a very strong reason of outside factors.
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"Those homeowners could refinance into new loans if their lenders agreed to take substantial losses on the original mortgages. Borrowers would have to show they could afford to make payments on the new loans. They would have to share with FHA at least half of their proceeds if they profited from selling or refinancing again."
"The plan is projected to help roughly 500,000 borrowers at a cost of $2.7 billion over the next five years."