It was bound to happen. Now there is a proposal for bailing out subprime borrowers.
The proposal is to create a new corporation that will buy loans from lenders and investors. The corporation will give better price than what they would get from foreclosure. And the loans will be restructred so that borrowers could afford the new payments!
It just ticks me off that we have one bailout after another. It was bad ennough when the FHLB was bailing out Countrywide. I guess it sucks for those who were prudent during the housing boom. How about giving them a subsidy to buy a house? That should resolve many issues as there will be more buyers in the market!
No comments:
Post a Comment