Buffer Or A Bailout: What's Your Opinion?
There's lots of stories in today's paper about the government's plan to freeze certain mortgage rates for five years to help troubled borrowers. Only those who took out subprime loans between 2005 and this summer, live in their homes and have credit scores of less than 660 will be able to obtain a rate freeze with little hassle, under the plan. It's estimated the plan would help fewer than 600,000, although another 600,000 may find it easier to refinance but with no guarantee they can avoid a prepayment penalty, according to this story.
Some people think the plan does not go far enough. Others say its too much; the industry should have known better.
Columnist Steve Pearlstein writes that the biggest beneficiaries aren't the homeowners but the investors who have got the most money at stake here.
What do you think? Send us your thoughts.
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Posted by: K. Francis | December 7, 2007 9:44 AM
Posted by: Othello Oca | December 8, 2007 10:03 AM
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