Sunday, December 09, 2007

TRUTHNEWS.US: Election Season Hijinks: Bush’s Mortgage Bailout

Bush Mortgage Bailout: Too Little, Too Late for Too Few


Election Season Hijinks: Bush’s Mortgage Bailout

Kurt Nimmo
December 8, 2007

Apparently, Bush will help besieged mortgage holders the same way he helped the victims of Hurricane Katrina.

From The Huffington Post:

“At least one thing is clear about President Bush’s plan to help people trapped by the mortgage meltdown: it is an industry-led plan, not a government bailout.

Although Mr. Bush unveiled the plan at the White House on Thursday, its terms were set by the mortgage industry and Wall Street firms. The effort is voluntary and it leaves plenty of wiggle room for lenders. Moreover, it would affect only a small number of subprime borrowers.

The plan was the target of criticism from consumer advocates who said its scope was too narrow, and from investment firms, who said it went too far. Others warned that the plan, by letting some stretched homeowners off the hook, could encourage more reckless borrowing in the future.”

As should be expected, the government didn’t even get the toll-free number right, as the business of government is not to help the people but rather run scams and criminal operations.

From Cryptogon:

“Fire up the calliope music.

Via: CNN:

Harried homeowners seeking mortgage relief from a new Bush administration hotline Thursday had to contend with a bit of temporary misdirection from the president himself.

As he announced his plan to ease the mortgage crisis for consumers, President Bush accidentally gave out the wrong phone number for the new ‘Hope Now Hotline’ set up by his administration.

Anyone who dialed 1-800-995-HOPE did not reach the mortgage hotline but instead contacted the Freedom Christian Academy — a Texas-based group that provides Christian education home schooling material.”

Well, at least the corporate business press understands what’s up:

“Paulson’s bailout may boost GOP’s prospects,” reports Fortune. “Whether or not he ‘fixes’ the subprime mortgage mess, at least temporarily, will be of keen interest to Republican politicians facing voters next November.”

In other words, use taxpayer money — again, perpetually, habitually — to slap up a cardboard facade designed to trick voters come the funny season.

Democrats love this sort of thing: “Democrats love to fix things — and the party’s presidential contestants brim with detailed proposals to insure the uninsured and narrow the gap between rich and poor. So it wasn’t surprising that Hillary Clinton — who has her own plan to help distressed homeowners — praised Paulson.”

You’re doing a heck of a job, Paulson.

“I’ve been digging deeper into the current Bush plan and if this doesn’t smack of political posturing with no meat, I really don’t know what does,” writes Dr. Housing Bubble. “There is a source of irony that the same administration that is criticizing ’socialized medicine’ is socializing corporate losses.”

But of course. Isn’t that the purpose of government, to socialize corporate loss?

The Motley Fool provides specifics:

“There are more limitations, but let’s stop for a moment with that last one: You qualify only if your loan has been passed along to some other bagholder. If the bank holds it, and if the bank stands to lose money on the deal … sorry, Charlie, but you don’t qualify for this program.

This is why I say the banks came to the table out of sheer self-interest. Clearly, they are looking to pass the costs onto others. Once they sold their junky loans off to Goldman Sachs — Treasury Secretary Paulson’s old haunt — or Bear Stearns to be packaged into securities and sold to other investors, they considered themselves free of responsibility. Apparently, they’re making sure that any bailout guarantees them that status.”

See? Problem fixed.


Peace, (NOW!!!)



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