Subprime Time

Reuters is reporting that the U.S. Treasury Department and President Bush are going to bailout people who may default.

“The plan, spearheaded by Treasury Secretary Henry Paulson, seeks to freeze “teaser” interest rates for homeowners who are current in their payments, but who would default after the rate resets higher. As floated, the plan would exclude those deemed to have the financial ability to meet higher payments.”

Which I’ve commented on the problems that will arise later here.

The best part of this one is the government is going to guess who can and cannot pay and freeze the rate.

The people that have already failed too bad the government doesn’t love you……

Don’t award people for making bad loan decisions….

~PCCapitalist

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Published in: on December 7, 2007 at 5:39 pm  Leave a Comment  
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