WASHINGTON — President Bush, looking for ways to respond to the subprime-mortgage crisis, will outline a series of policy changes and recommendations today to help borrowers avoid default, senior administration officials said.
Among the moves will be an administrative change to allow the Federal Housing Administration, which insures mortgages for low- and middle-income borrowers, to guarantee loans for delinquent borrowers. The change is intended to help borrowers who are at least 90 days behind in payments but still living in their homes avoid foreclosure; the guarantees help homeowners by allowing them to refinance at more favorable rates.
WTF? Why should the rest of us pay for every other idiot’s excesses?
I suppose in order to get enough people on his side for the planned assault on Iran, he has to throw them a bone.
But a little advice for anyone who accepts any kind of bailout: read the fine print this time! No telling what your government has up their sleeve.