Thursday, May 15, 2008
Bush does the right thing for once
Wall Street Journal: Democrats Face Rescue Backlash
Old news now, but I don't remember seeing this reported on this newsblog - President Bush is vowing to veto a bill the House passed last week -- with the support of 39 Republicans, about a fifth of their ranks -- that would, among other things, allow certain homeowners to refinance loans through a government agency if their lenders agree to take less than the full amount borrowed.
Posted by nubbers @ 09:58 AM (220 views) Add Comment
1 Comment
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1. Orcusmaximus said...
Wow. Bush doing the right thing - mark this day!
Maybe they should try the idea mooted around here - bailouts linked to part government ownership. Whilst that still has the downside of the government buying high and selling low, this could be mitigated by an appropriate haircut in the valuation. Also, by limiting it to just bailing out the homes of owner/occupiers, speculators wouldn't be able to offload their portfolios.