And now for the reaction
The Neighborhood Assistance Corporation of America, responding to the mortgage-rate-freeze plan that the Bush administration expects to announce today but that was detailed by the AP yesterday, has this to say:
The Bush administration’s rescue plan impacts a limited number of homeowners and even those within the criteria will only have a temporary reprieve. Freezing interest rates temporarily is analogous to having a defective automobile with no brakes, and rather than fix the brakes, you are allowed to park it while making the payments and then drive it down the hill full speed.
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Comments
Now they're getting greedy. They're getting a break and now it's not enough? Do they want the govt to dress them in the morning as well? Now my knee jerk reaction is the hell with them and let them lose the house they should never had bought from the outset because they didn't do any homework on what they could afford.
Posted by: Jeff | December 6, 2007 9:54 AM
Someone must take accountability for buying all these houses and taking on loans they couldn't afford, while failing to read the paperwork that outlines exactly what they were getting into. The buyers themselves!
They made their bed, now they can lie in it!
They're the amongst the ones that made prices so unreasonable for those of us with the common sense to know that we couldn't afford these adjustable rate mortgage (ARM) loans.
Posted by: Ron | December 6, 2007 10:38 AM