Bush Opposes Federal Bailouts For Homeowners

[Gold9472]

Bush opposes federal bailouts for homeowners
President says he won't endorse grants to borrowers clobbered by housing market slump

http://www.indystar.com/apps/pbcs.dl...476/-1/LOCAL17

By Jeannine Aversa
Associated Press
8/13/2007

WASHINGTON -- President Bush said Thursday that concern should be shown to those who've lost their homes, but it's not the federal government's job to bail them out.

Asked whether he would champion a government bailout, Bush responded: "If you mean direct grants to homeowners, the answer would be, 'No, I don't support that.' "

New-home foreclosures have climbed to record highs. Homeowners with poor credit have been hardest hit as higher interest rates and weak home prices have made it impossible or difficult for them to keep up with their home loans.

After a five-year boom, the housing market sank into a slump last year. The combination of higher interest rates and weaker home values clobbered some borrowers, leaving them with mortgages that exceed that value of their homes.
Worries that problems in the housing and mortgage markets would spread sent stocks tumbling Thursday.

Bush suggested that some people might not have fully understood the terms of their mortgages. The government, he said, can help out by educating prospective home buyers.

Analysts estimate that nearly 2 million adjustable-rate mortgages will reset to higher rates this year and next.

Loose lending standards contributed to the problems. Congress is looking into possible action to address them.

Some Democrats like the idea of easing investment limits on mortgage giants Fannie Mae and Freddie Mac to bolster the distressed mortgage market.
Bush wasn't warm to the idea.

"Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options," he said.

[Eckolaker]

Of course he does! How else are they going to bankrupt the middle class? A bail-out is the only way under the current system to save millions from losing their homes.

Asshole!

[AuGmENTor]

Well, I only agree with your assessment in that they fuckin created the problem to start with. Other than that, I don't WANT SHIT from the government, cept for them to do away with about two thirds of it.