Bush is "working on a plan" to save homeowners...

[Virginia Dare]

way to get on it there, sparky...:eyes: If this is anything like the plan they came up with in Iraq, we should be in full-scale depression by next year.

http://www.cbsnews.com/stories/2007/11/30/business/main3558628.shtml?source=RSSattr=HOME_3558628

CBS/AP) The Bush administration is working with industry on a plan to extend lower, introductory interest rates on home loans before they reset at higher levels.

The talks come amid hints from Federal Reserve Chairman Ben Bernanke of another cut in a key interest rate to keep the economy from sliding into a recession.

Treasury Secretary Henry Paulson and other top regulators met Thursday with loan servicing companies - firms that collect and distribute loan payments - and other industry executives. No formal agreement was announced, but an accord on this issue could be revealed in the next week or two.

"We've all agreed that there should be some sort of standardized approach to reaching more homeowners faster," Treasury Department spokeswoman Jennifer Zuccarelli, who declined to name those at the meeting, said in response to questions.

[mmonk]

1. Trailers provided by contractors?

[Kutjara]

2. Be afraid. Be very afraid.

Shrubby's "plans" invariably result in smoking holes in the ground. The fucker couldn't plan a visit to McDonald's.

[TomInTib]

7. You can bet it's in the can.

What else would support the movement on Wall Street recently?

And check this out:

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=2372858&mesg_id=2372858

You can bet the farm that they are feeding this info inside to the heavy hitters.

[blondeatlast]

24. Nonsense. He managed the Texas Rangers and dropped that deadweight Sammy Sosa.

Damn--you may be right. :rofl:

[Atman]

3. He'll buy your house for 3 cents on the dollar.

And kick your ass out to live in a dumpster.

.

[AuntPatsy]

4. God save the homeowners.

[NewJeffCT]

5. I'm sure it'll be a heckuva plan

just like his plan to save New Orleans from Katrina

[Beetwasher]

6. Let Me Guess: Huge Tax Cut For The Rich, Everyone Else Get's A $300 Check

n/t

[nancyr]

8. I'm sure everyone feels better knowing this.

Thank God I rent.

[Lars39]

11. Renters aren't exempt from losing a place to live.

All it takes is the owner overextending himself to buy more units.

[supernova]

9. No, he's working on a way to bail out the mortgage cos

that overextended themselves and are about to go under.

He's just going to call it the Homeowner's Equity Preservation Act or some other equally horrid doublspeak.

[Myrina]

10. oh shit.

... we all know what happens when Dimson starts "working on a plan" ... he ends up invading some country.

We gonna invade ourselves this time?

[DBoon]

12. You mortgage will be forgiven

if you enlist and serve in Iraq

Solve's Bush's two biggest problems

[Warren Stupidity]

13. Bullshit: they will bail out the lenders, not the borrowers.

same as it ever was.

[Flabbergasted]

14. This was an obvious move by banks. I'm guessing Bush is just taking credit for something already in

the works.

[havocmom]

15. same bush whose brother was a player in Silverado Savings & Loan?

Oh, yeah, help is on the way....NOT!

[shadowknows69]

16. I smell another 300 dollar check coming

happy days. :eyes:

[AlCzervik]

17. Wells Fargo is one of the absolute worst of them.

[underpants]

18. Is it a SECRET PLAN?

Oh goody I just love secret plans!!!

:eyes:

This can't be good. Nothing that he touches ever is.

[Mike03]

19. Most likely it's a plan whose purpose is to help the lenders

People are beginning to walk away from their homes. The last thing the banks need now is several million unsellable homes, not to mention the cost and time of the litigation necessary to determine which party gets which security. Bush's plan will keep subprime homeowners making a monthly payment on the mortgage.

Nevertheless, the plan is a little piece of gauze trying to staunch the flow of blood from a machete wound.

[Virginia Dare]

30. Exactly right..

the rate of foreclosure is skyrocketing, they are trying to stem the tide. It won't work I'm afraid, the damage is done.

[bullimiami]

20. its not the homeowners he cares about. its the banks and mortgage co.s

that he wants to protect.
and the illusion of a functional economy.

[Justyce]

21. Hopefully it involves resigning.

[Orsino]

22. Translation: doesn't have a plan yet. n/t

[Vinca]

23. He's probably giving a no bid contract to a tent maker. nt

[SalmonChantedEvening]

25. He's using all 64 colors on it!!

:D

[Mike03]

26. Posters keep asking what the plan is.

Wasn't that news today? I thought the plan was announced. It involves freezing the adjustment of mortgage rates, doesn't it?

Maybe I'm behind the curve, but I thought that was the plan. Lock or lower interest rates for subprime lenders?

[Virginia Dare]

29. That's what's being floated by the industry..

I guess shrub will take the credit once it's announced.

[Cass]

27. Whenever he says he's going to "help", the result is usually destruction.

Armed with that knowledge, this article does not give me the warm fuzzies inside.

[madokie]

28. Now I'm getting worried

I'm getting too old for this kind of shit

[lonestarnot]

31. Ohhhh gawd! Is he putt'n food on their families?

[Kansas Wyatt]

32. Just like his tax cuts, it will be....

A windfall for the Wealthy and chump change for the rest, and the rest will eventually pick up the tab. Fuzznuts doesn't know his ass from a hole in the ground, let alone about real life to comprehend how everyone else lives.