gps_geek

Paulson's Plan is Nothing but Lip Service

I agree totally with the author and the insiders view...

Would you ever loan money to anyone if the terms could be modified just because lots of people are underwater???

Treasury Secretary Paulson: Voluntary Subprime Deal by Next Week

In all the BS about bailing out Subprime "homeowners", nowhere is there any talk about fixing the problems that got us here...

The failure of regulators at the federal level (FDIC, the Fed, banking regulators, etc) to end the practice of obtaining a mortgage without a REAL down payment. Both Democrat and Republican administrations for years gave whole hearted support for "new" and "creative" ways of increasing homeownership rates, through ever lower required down payments. When you have no equity, you have NO room for error. Until banks and wall street rocket scientists are made to put their "off-balance sheet" loans and other gimmicks back on "the balance sheet", nothing will improve.

The fact that Republicans, who always called themselves "free market capitalists" are now acting like Democrats by trying to bail out people who should never have been a "homeowner" is reason enough to never vote Republican again....

Time to move to another country....