Gotta love these election year smokescreens from Paulson and Bush. He's simply trying to help his banker buddies from going under, under the guise of helping homedebtors keep their overpriced houses. Well, we're not buying it gents. The clueless mainstream media is, like this article, but we're not.
This one has Bank of America Corp., Citigroup Inc., Countrywide Financial Corp., JPMorgan Chase & Co., Washington Mutual Inc. and Wells Fargo & Co suspending foreclosures for 720 hours (i.e. 30 days) for "seriously overdue" housing gamblers, so that they can work on a way to make sure the banks don't lose their money.
What fools like Paulson still don't get is that plans like this actually ENCOURAGE people to stop paying their f*cking mortgages! Seriously, how stupid can this guy be?
NOTE TO 'SERIOUSLY OVERDUE' HOUSING GAMBLERS - WALK AWAY!!
DON'T GIVE ONE MORE PENNY TO THE BANKS!!! YOUR DEBT-TRAP WILL JUST CONTINUE TO DEPRECIATE, YET YOUR FINANCIAL FREEDOM IS AT HAND!! WALK AWAY AND RENT!! IT'S A LOT CHEAPER!!
Man, Paulson and the banks must hate HousingPANIC. Maybe I should go on the run (oh, wait, I am on the run)
Federal Government Is Set to Announce New Plan to Help At-Risk Borrowers With Mortgages
WASHINGTON (AP) -- At-risk borrowers with all types of mortgages, not just high-cost subprime loans, could be eligible for help under a new plan involving six big home lenders. The plan, called Project Lifeline, will be announced Tuesday by the Treasury Department and the Department of Housing and Urban Development, said a person familiar with the plan who confirmed earlier news reports about the plan but spoke on condition of anonymity because it had not yet been made public.
Against a backdrop of surging defaults and administration officials' prodding of the mortgage industry, the plan will allow seriously overdue homeowners to suspend foreclosures for 30 days while lenders try to work out more affordable loan terms.