Tuesday, June 24, 2008

Feds plan market earthquake

...and government intervention in the market will once again rear its ugly head.

AP: "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.

In 83-9 vote puts 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."

Democrats, you procede down the path of Marxism.
Republicans, I will not forget this. I can't work up my ire today, the world is to great a place for that. But this will come back to haunt us.

And with exciting stuff like this happening around us in america, who really has cause to complain about the economy? Heck, we have cheap food, low cost energy, the internet, we're surrounded by items that would astound even those of a hundred years ago, freedom to speak and worship as we please, and right to a trial by our peers.


Celestial Fundie said...

I do think mortgage assistance is a necessary measure.

The alternative is potentially allowing many families to become homeless with resulting social upheaval and strain on the rented sector.

I think it would be better to avoid such measures in future by requiring compulsory payment-protection insurance as part of all mortgage deals.

God Bless


FAICA Soldier said...

Quit bragging about Teen Court and the mockery of justice that it creates!

Palm boy said...

Matt, I disagree. If someone signs onto a loan to borrow money from a lender, then they know what their obligations are, and weather or not they can fulfil them. If they can't fulfil them, it is no one elses responsibility, except perhaps the co-signitory, to pay it back.
It's an issue between the lender and the borrower, and decidedly not one that society should forcibly involve itself with.

I don't think defaulting on sub-prime morgatges results in widespread homelessness, many will shift to rent homes, apartments, or even briefly staying with family until circumstances improve.

Aaron, I can't use that option on the ticket I earned last week.

Solameanie said...

I could have gone all day without seeing Michael Jackson's plasticene, deteriorating mug.

What a visage.

Palm boy said...

Joel, your welcome. :D