Administration’s Mortgage Fix Is Criticized
Right on cue, Democratic lawmakers are sharply criticizing the Bush administration's plan—announced Wednesday—to expand help to about 100,000 mortgage holders. Democrats say the plan does not go far enough, and they are continuing their efforts toward devising a large-scale, taxpayer-funded housing bailout.
"I have serious questions as to how a substantial number of more homeowners could be helped through [the Federal Housing Administration] without an infusion of government funds," Rep. Carolyn Maloney of New York, a senior Democrat on the Financial Services Committee, told the Wall Street Journal.
Article here.
Tags: Democrats | mortgages | Federal Housing Administration | housing | Bush administration
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Reader Comments
Mr. SubPrime here to tell you......
my mortgagor, Wells Fargo, has done nothing but extend repayment plans and offer loan mods that were/are unaffordable. They refuse to write-down anything. My home was overappraised (huge) by their appraiser, and I'm upside-down $30,000+. I didn't buy this house to stiff someone, I bought it to raise my family in. We had a budget when we purchased, but we (like many others) got bushwhacked at the closing table by the lender. They knew exactly what they were doing . Subprime borrowers are not bums, deadbeats, and rats. Many (like myself) have become strapped with food, energy, and other inflation-affected costs. Mortgage payments increasing by hundreds of dollars, combined with the aforementioned expenses, pushes borrowers to the financial breaking point. We were ill-advised by the lenders' representative, much like a salesman offers less-than-candid guidance in financing a car. They literally sold mortgages like cars. FBI investigation may or may not result in indictments, but this bubble is just another in a series engineered to steal the wealth of America's middle class; as well as adding to the burgeoning crowd of "subprime" customers.
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