« “DC/Maryland At Frank McKinney’s Palm Beach Experience – Day 1…” | Home | Next Post »
“He Get’s It – He Finally GETS IT…!”
By Sherman Ragland | December 6, 2007
The Bush Administration has finally Stepped Up To the Plate and Taken a LEADERSHIP POSITION in resolving the CREDIT MESS, and in doing so, is taking PROACTIVE steps to get the housing market back on track…
In his first major (and intelligent) speech on the topic since August, Bush announced a three part plan today that would allow borrowers sitting on top of soon to be adjusting Adjustable Rate Mortgages to either:
1) Refinance with their existing lender at a fixed rate;
2) Refinance into a Government Sponsored Mortgage through FHA, or;
3) Have their current low-interest “Teaser” rate FROZEN for the next Five Years.
Most importantly, for the first time the President through his speech demonstrated that the Bush Administration has stopped blaming, so called, “SPECULATORS” (Defined in August by Treasury Secretary Paulson as “anyone who owned two homes”) and began to shoulder some of the blame by creating an atmosphere in which the private sector was willing to do ANYTHING to support the President’s Pledge that anyone who wants a house should be able to get a mortgage to buy a house, regardless of their ability to repay.
Had it not been for the President’s Myopic Housing Policy of 100% Homeownership in America, the private sector would not have been as willing to create loan products that “got people in, but could not keep them in” a new home.
With the President’s speech today, we are seeing the beginning of the end of the credit and housing crisis, as Wall Street will interpret the fact that the Bush Administration has come to the table as a sign that the FED’s are FULLY PREPARED to do what it takes to keep the Sub-Prime Mess from bringing down the entire economy, including a “bail out” of borrowers, which of course ULTIMATELY means a “bail out” of lenders who made the loans
Popularity: 5% [?]
Topics: Uncategorized | No Comments »
Tags: No Tags
Comments
You must be logged in to post a comment.