If your credit is too risky to get a standard loan (or refinance a loan)in the firstplace, should the government really secure money to you....lord knows the guys in Washington haven't been all that good at the finances of this country, have you seen the debt the country is in lately...Anyway, I feel explaining to people that sometimes haveing to take your lumps for bad decision is a losing cause soooo have fun when your taxes go up to help pay for loans that will probably default in the end. From the AP:
A mortgage aid plan is on track for passage in the Senate as soon as today. The massive foreclosure rescue bill cleared a key Senate test yesterday by an overwhelming margin, with Democrats and Republicans both eager to claim election-year credit for helping hard-pressed homeowners....The mortgage aid plan would let the Federal Housing Administration back $300 billion in new, cheaper home loans for an estimated 400,000 distressed borrowers who otherwise would be considered too financially risky to qualify for government-insured, fixed-rate loans....An 83-9 vote put the plan on track for Senate passage as early as Wednesday, but President Bush is threatening a veto, and Democrats are fighting each other over key details. Those challenges will probably delay any final deal until mid-July.