The country would recover a lot faster if they would just let "nature" run its course. It's gonna hurt, but its better than prolonging the agony and making it even worse.
This really pisses me off. They are screwing over the people who did the right thing and didn't take these BS loans. The family that did the smart thing and took out a traditional 30 year fixed at a higher rate. Do they get a break? No they get screwed over and have to pay a mortgage at a higher rate.
For all you Hillary bashers- lets be VERY clear who's plan this is: http://www.foxnews.com/story/0,2933,315332,00.html This is from Fox News, no less. " The Bush administration has hammered out an agreement with industry to freeze interest rates for certain subprime mortgages for five years in an effort to combat a soaring tide of foreclosures, congressional aides said Wednesday." This plan was created by Paulson and Bush, not Hillary Clinton. Please stop the misinformation. If you don't like the plan, write your CURRENT president.
BETTER, are you kidding. Its not better. This is just going to let it last longer. I guarantee that they think that within 5 years the real estate market will be all great again and at that point after the 5 year freeze is up everyone will be able to bank that their house is worth 10-25% more than it is at this very moment.... WRONG. The housing market has a long, long, long, long, time before it turns around. The bottom is far from here. Foreclosures have yet to peak and by freezing rates it will only keep foreclosures from peaking anytime soon, the longer this takes the longer it takes before housing prices start to move up again. Remember there is a glut of new homes on the market, approx 10 months of unsold homes. Aside from that there are approx 600,000 houses in foreclosure and another 1.5-2 million going into some sort of foreclosure by the end of 2008. I figure no bottom until at least 2012-2013.... housing wont start moving up in price until 2015-2016. Freezing rates like that is a foolish thing to do, it will be shown in the years to come.
I was going to mention that myself, I was wondering why people were mentioning it was her plan when it wasnt.
Hillary loves to tax and spend and then holds up Warren Buffet as a rich man who supports this, the masses buy in and love Buffet, however the "higher taxes for the rich" Includes anyone who makes 200k> not just billionaires. I did not think NY would elect carpetbagger Hillary in the first place, now this woman is running for president?? (she must have giant balls hidden in that pant suit). She and he tax and spend friends are bad for america and very bad for the individual trader. "IT WILL COME FROM WHERE IT COMES FROM" what the fuck does this mean, this is a government "by the people and for the people"-(not mine) If Hillary pulls the secret card during your campaign what will Hillary do while in office. Will Chelsea be sec. of Treasury