Even if I do explain it to you you would still not understand.
It is called more long term debt shifted to the unaware such as yourself...debt that you and your children will be shackled with...By your previous post I know you will need a lot of time to grasp the concept and get how it affects the public. One day you will.
Never post to $Mogul again...you are on eternal ignore.
BUSH ADMINISTRATION'S MORTGAGE RATE FREEZE PLAN: SUMMARY OF ANALYST COMMENTARY
- "Without question, the Bush administration's mortgage rescue will exacerbate, not alleviate, the problems in the housing market. As the plan will sharply reduce the ability of new buyers to make purchases, it really amounts to a stay of execution not a pardon. There is no question that as lenders factor in the added risk of having their contracts rewritten or of being held liable for defaulting borrowers, lending standards for new loans will become increasingly severe. The result will be additional downward pressure on home prices, despite the fact that in the short term fewer homes will be sold in foreclosure than what might have been the case without the rescue plan." (Peter Schiff, president of Euro Pacific Capital)
- "Investors are having a collective sigh of relief that this is a positive signal the housing crisis and credit credit crunch will not cause the end of this bull market. We get this newfound optimism, a shot in the arm, of confidence, and then the rug gets pulled out from under us - that's been our experience for the last three months, four months. There's no question that there still is a very high level of uncertainty, caution, worry, that confidence in the stock market has not been rebuilt" (Hugh Johnson at Johnson Illington Advisors)
- Jerry Howard, executive vice president and CEO of the National Association of Home Builders, applauds the mortgage freeze. Howard tells MHN: “This step will help stabilize the marketplace, help re-establish confidence in the mortgage sector and help stabilize prices. It shows great leadership on the part of the administration.”
- Peter Schiff, president of Euro Pacific Capital Inc, called the deal a "huge government giveaway" that would in essence reward people for doing the wrong thing. He said: "They are basically saying we are going to help you if you can't make the higher payments. That means everybody who can make the higher payments is going to try to do what they can to demonstrate that they can't make those payments."
- Mark Zandi, a chief economist at Moody's, said: "In theory, the plan could help as many as 750,000 subprime homeowners. In practice, my sense is that it will probably help at best about 250,000 homeowners."
- "Qualified borrowers will get their modifications much more quickly," said Kurt Pfotenhauer, senior vice president for government affairs with the Mortgage Bankers Association. "A whole cohort will be done on an accelerated basis." |
