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Wednesday, December 05, 2007

The President's Subprime Mortgage Relief Plan:

The plan has multiple parts, including a proposal to freeze interest rates on certain subprime loans for five years, fast track other borrowers toward refinanced loans and allow state and local governments to use more tax-exempt bond programs to fund refinancings.

Like I said earlier this week, I'd like to know what kind of specifics we're talking about here. Is the government going to subsidize the difference in the frozen and the original interest rate? Who qualifies for a freeze, and on what basis? Is there an income means test? An assets vs. liabilities means test? A debt-to-income ratio means test?

Furthermore, why are state and local authorities bailing out borrowers with bond funding? I have no problem with refinancing schemes, but I have a huge issue with a wholesale bail out, and that's what this sounds like to me.


.: posted by Dave 1:51 PM

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