What about those people who have already lost their homes? What about those people who have already fallen behind (the way i read the above is you can not be delinquent to participate?)
so it seems this really helps the irresponsible borrowers and lenders (banks) why got greedy over the past five years?
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Submitted 399 days ago...
Bush's subprime bailout plan
What do you think of the new Bush plan rolled out yesterday to help those that are in a subprime loan that is schedule to reset and go to a higher interest rate?
http://www.rockymountainnews.com/news/2007/dec/07/subprime-bailout/
http://www.wsws.org/articles/2007/dec2007/subp-d07.shtml
To be eligible the plan applies to loans made between January 1, 2005 and July 31, 2007 which are scheduled to reset between January 1, 2008 and July 31, 2010. You have to live in the residence, and a FICO score of 660 or less. And not be delinquent on payments in the 6 months before reset.
I think it is a good start to slow down the subprime fiacso, but it is to restrctive for when you applied for the ARM, when it resets and needing a low FICO score. But it is a start.
What do you think?
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Submitted 399 days ago...
It isn't a perfect plan, and there is a bunch of talk on the news sites about economists and congress who say that this is either going to delay the resetting of the real estate market for 5 years or more, or is way to restrictive for those it can help.
For the people who had and still have good credit, and paid everything on time at the expensive of everything else with a good FICO score, they'd be left out.
I'm not sure if there is anything congress can do to help those that already lost their homes and had their credit destroyed in the process.
I agree anything that can help people keep their homes is good.
The whole subprime crisis is a social & moral issue. Greedy Wall Street investors stealing from the lower classes. The lower class is paying the price, but in this case it's getting some revenge by seeing Wall Street bankers & lenders lose their jobs and go bankrupt.
The government has a problem. On one hand, it shouldn't intervene; lenders got themselves into this mess. On the other hand government should intervene - so borrowers don't lose their homes. No matter what happens, I guess we won't really know what the fallout is for another 5 - 10 years. Very interesting times.
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