Bush to Help Mortgage Holders in Crisis

From Politico.com

Bush unveils mortgage crisis first steps
By: Mike Allen
Aug 31, 2007 12:09 AM EST
Updated: August 31, 2007 01:50 PM EST

President Bush has unveiled his first detailed steps to intervene in the subprime mortgage crisis that threatens to throw hundreds of thousands of people out of their homes and send financial markets into a tailspin.

“We will deliver help and hope to American families who need it, we’ll help guard against future problems in the housing sector, we’ll reaffirm the vital place of homeownership in our nation,” Bush said.

“The recent disturbances in the subprime mortgage industry are modest — they’re modest in relation to the size of our economy,” Bush said. “But if your family is — if your family’s one of those having trouble making the monthly payments, this problem doesn’t seem modest at all. I understand these concerns.”

“The government’s got a role to play, but it is limited,” Bush said. “A federal bailout of lenders would only encourage a recurrence of the problem. It’s not the government’s job to bail out speculators or those who made the decision to buy a home they knew they could never afford. Yet there are many American homeowners who could get through this difficult time with a little flexibility from their lenders or a little help from their government.”

Well, as they say usually, and ESPECIALLY with this group…

the devil’s in the details.

And, I just don’t trust him or anyone near him. Until I hear it from credible people that this is actually help for HOMEOWNERS, I’m not going to believe it.

Because, it would be the first time, EVER, in his Presidency, that Shrub has EVER helped ‘ the little man’.

So, I will reserve any congratulations until the details are revealed. The cynic would say that it will be a figleaf for the Homeowner, and the meat of anything he’s proposing is going to ‘the big guys’.

This has been his pattern. Let’s see if it continues. And, if it actually does help ‘the little guy’, then I will know for sure that this mortgage crisis is indeed as bad as James Cramer wrote about in this week’s New York Magazine.

Update: Bush reveals his plan, and not 24 hours, here’s someone telling us that the plan isn’t ‘all that’.
Bush’s plan for aiding homeowners is less than it appears

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