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Are more gains in store for the banks after the President last night gave a push to the stalled...

Are more gains in store for the banks after the President last night gave a push to the stalled Menendez-Boxer bill which would streamline the refinancing process for Fannie and Freddie borrowers? BAC +0.9%, C +0.3%, JPM +0.5% premarket (no trades for WFC).
Comments (6)
  • pilot fish
    , contributor
    Comments (115) | Send Message
     
    I fell asleep during the riveting speech. Can someone elaborate on what this bill is and what was said? Just reading the above it sounds related to the fair housing act and everyone should own a home. (no matter if you can afford it or not!)
    13 Feb 2013, 08:00 AM Reply Like
  • Deltascared
    , contributor
    Comments (289) | Send Message
     
    The bill is a short term jolt for a number of interest groups. I am no expert. If your search Heritage dot org or other conservative web pages, the bill isn't very popular. To answer Mr. Fish, the bill is to allow people with underwater mortgages and possibly bad credit to refinance their homes which many shouldn't have qualified for in the first place.
    13 Feb 2013, 08:36 AM Reply Like
  • gwynfryn
    , contributor
    Comments (4087) | Send Message
     
    So the banks will be able to take on more bad debt? Well, I guess that that will be good for business...
    13 Feb 2013, 08:56 AM Reply Like
  • Macro Investor
    , contributor
    Comments (9022) | Send Message
     
    If the Heritage Foundation is complaining about the bill, then I suspect it will be good for the economy.
    13 Feb 2013, 09:05 AM Reply Like
  • psanichar
    , contributor
    Comment (1) | Send Message
     
    Hopefully they start with the ones that are already in their hands for more than two years!!!
    13 Feb 2013, 09:08 AM Reply Like
  • Macro Investor
    , contributor
    Comments (9022) | Send Message
     
    Is the Heritage Foundation against those as well? We have to prioritize here.
    13 Feb 2013, 09:09 AM Reply Like
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