How Bad Is It?
Aug 23rd, 2007 at 7:09 am by Susie
Now, this is scary. Apparently it’s bad enough that Bush is actually considering letting a government program help people!
Now, as the era of easy money yields to a credit crunch, the Bush administration is considering broadening the FHA’s mandate to help borrowers avoid foreclosure. The administration is studying the possibility of allowing the FHA to take on mortgage refinancings for borrowers in default, something the agency is not currently permitted to do, a senior official at the Department of Housing and Urban Development said.
The government could make the change without action by Congress, the official said, adding that no decisions have been made.
This is also a bailout of the people responsible for this mess.