Amazing isnt it.......just keep throwing more money at the problem...... WASHINGTON (MarketWatch) -- A top House lawmaker will introduce legislation soon to address the jump in foreclosures. Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, said Tuesday his bill would provide $10 billion to state and local governments to buy foreclosed properties to prevent neighborhood blight. The bill would also strongly urge lenders to recognize their losses from sour mortgages and would extend federal refinancing efforts. Frank's bill would compete with many other proposals being floated on Capitol Hill to address the housing meltdown.
These crowns will do anything to get headlines. What were they thinking? The market created this problem, and just let them correct it themselves. Throwing money at it will not correct anything. In the matter of face, create just the opposite. This will delay a even bigger bubble. Hyper inflation here we go.