Is it just me, or do they seem to mess things up everytime they “compromise”?
More steps by Congress and the Bush administration are likely needed to stabilize the imploding U.S. housing market, a senior White House official said on Tuesday, as more signs of distress appear.
Early last month, President George W. Bush unveiled a plan to help some homeowners avoid foreclosures as some 1.8 million mortgages with low starter interest rates are due to reset to sharply higher rates this year.
Ed Gillespie, counselor to Bush, pointed to efforts by the U.S. Congress to overhaul the Federal Housing Administration program developed in 1934 amid the Great Depression and designed to make home ownership more affordable. Members of the House of Representatives and Senate have been trying to work out a compromise plan.
We shall see though. The “bailout” proposed by the President last month has no effect on the thousands of people who have already lost their homes due to unfair lending practices that basically schnookered them into the mortgages they were in.
Is schnookered even a word? Well, it should be.
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just more evidence how this lame duck idiot of a president fails to understand what is going on. he has only cronies around him who have no experience. they could have helped this problem months ago and the fed could have helped weeks ago with a proper cut in prime. this problem affects so many sectors, but because the presidents cronies are making money in the stock market everthing is fine and just a small bump for others to suffer.