"Bush to outline aid to mortgage holders"..... Can this be true?

Question

Is Bush actually doing something for the american people within our borders?

Will he succeed at this new task?

Answer 1

Aid to Hedge Fund Holders is probably a more descriptive term. I bet it trickles down to the little guy in terms of forbearance, meaning that you won't have to pay for a while but you will still owe everything plus interest. That has already been proposed. It is possible, but unlikely, that they may offer interest forgiveness for a while if you can show true hardship. That is just my opinion though.

Answer 2

One can only hope. It's about time that he did something FOR the American PEOPLE instead of big business!

This isn't likely to be a taxpayer buyout as much as forcing the industry to be more responsible and allowing the FHA to step in with lower fixed-rate mortgages that will allow these folks to keep their homes.

By bolstering the mortgage market it also will help the general economic health of the nation and keep hard-working people off of the streets.

All in all, a refreshing change from a president with a piss-poor record of caring for the less advantaged members of our society. If he wants a legacy, this will probably be his last chance at one that is meaningful.

Answer 3

It appears he is helping with a very soft landing, but not a bailout. If people are in expensive homes they cannot affort, it appears they will still be in trouble. It looks as though he is trying to ease some FHA eligibility requirements, which will only help people at the bottom of the spectrum who are at least flush or have equity in their homes.

Despite my wanting people to be held responsible for irresponsible financial decisions, this plan may actually be a good common ground. Hopefully more information will be available soon.

Answer 4

Not unlike our Federal Chair, Bush's idea is a little to little, a little to late. Alot of folks are suffering tremedously. Succeed? In doing what? Making promises he can't keep? Who do you think really runs this country? Bush? He's just a spokesperson. A figure head. We're all in deep dodo here.

Answer 5

Dude

Dont expect miracles. All these polititians jumping on this agenda sickens me. They will make a mess far worse than it is now already. But as for Bush I think this is a ratings game for him, trying to prop up republican pres candidates for the upcoming election. I like Bush for his sticking to his guns & hands off management approach, but this. Although I doubt anything of a relief for housing speculators will come in that speech.

Answer 6

Bush will talk about several initiatives and reforms to help homeowners with risky mortgages keep their homes, according to White House leaks. One will be to direct Treasury Secretary Henry Paulson and Housing Secretary Alphonso Jackson to work on an initiative to help troubled mortgage holders get services and products they need to keep them from defaulting on their loans. He will also urge Congress to pass Federal Housing Administration reform legislation that will give the FHA more flexibility in assisting mortgage holders with subprime mortgages; pledge to work with Congress to reform the tax code to help troubled borrowers rework their loans; and call for rigorously enforcing predatory lending laws and strengthening lending practices. He will also discuss reform efforts to prevent these kinds of problems from arising in the future.

More details in this AP report at http://www.forbes.com/topstories/home/feeds/ap/2007/08/30/ap4070907.html

Answer 7

At risk owners who live in thier homes are to get some sort of assistance. Speculators and lenders (the two groups who bear the most responisbility for creating the real estate bubble) are not.

Answer 8

I will believe it when I see pigs fly and America buys back the Brooklyn Bridge from the Chinese.

Answer 9

Let's hope not. What a damn stupid and immoral thing to do -- make everyone who did not take out loans they couldn't afford pay for the irresponsible ones who did.