This article in the Wall St Journal today spells out the some of the details of Obama's plan being unveiled today in trying to break the cycle of foreclosures and falling home prices. Key to this plan is a government subsidy to help banks modify troubled loans. Click on the title to read the story.
1 comment:
I feel the same as Rick Santelli of CNBC, that loans that were ill gotten or 100% financed, should not be bailed out. The money they write down as to principle should be able to be recapture when the property is sold in the future. That there should be a examination and a test procedures to see if the homeowners bought with good intentions or were miss lead.
In fairness to all we must not make this the grandest giveaway of all. The tax payers are being beat up. Taxes are going up and all is not well. If we are to accept this gross redistribution of wealth it must make sense.
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