Thursday, December 6, 2007

Too little, too late (Katrina revisited)

Bush Touts Subprime Plan Faulted for Coming Too Late

President George W. Bush today announced an interest-rate freeze for subprime borrowers that Democrats said didn't go far enough and Standard & Poor's warned may lead to lower ratings on some mortgage bonds. ``I wish he would have started this process sooner", said Democratic Representative Maxine Waters of California. ``It's only going to help a very, very small number of people.''

Posted by alan @ 10:11 PM (501 views)
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One thought on “Too little, too late (Katrina revisited)

  • Won’t this make those toxic loans even more toxic if the anticipated rate increase doesn’t happen, as their original value would have factored this in – somebody therefore has to lose.

    IMHO all this freeze will do is buy time, and Dubya and Paulson are obviously hoping that other factors will sort things out over the next 5 years. I wonder what they have in mind!!!

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