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Friday, February 22, 2008

Bush may propose Homeowner bailout?

The New York Times has a story about a new Bush proposal for those indebted by their mortgage. The story "Rescues Weighed As Homeowners Wallow In Debt" goes into the proposal and why thye think it is needed

Prodded in part by some of the nation's biggest banks, the Bush administration and Congress are considering costly new proposals for the government to rescue hundreds of thousands of homeowners whose mortgages are higher than the value of their houses....And policy makers are listening to proposals from industry and community groups to use government funds to purchase and refinance billions of dollars in mortgages now in danger of default....In Washington, it will be difficult to engineer a bailout similar to the one for savings and loan companies in the early 1990s, because Democrats and Republicans alike cringe at the very word bailout and fear a backlash by people who never became overextended.

Read here: ""

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