FDIC Chief & McCain Raps Rescue for Homeowners

P

primerib

#1
Isn't this what President McCain suggested. The housing market meltdown is the heart of our financial crisis. Stop listening to the Nobama lies. I don't care if it's government assisted or run by the government. The opposing argument is the taxpayer is spending money with no return on investment and why should we bailout some irresponsible idiots. I'll tell you why... If my neighbor forescloses and abandons his house my house continues to go down in value. We have a 10 trillion dollar national debt a half trillion dollar budget deficit. What's 300 billion dollars more? The last I heard and I could be wrong but there are 4 million people facing forclosure. See what happens to your 401k if we don't stop the bleeding.

WASHINGTON — Federal Deposit Insurance Corp. Chairman Sheila Bair on Wednesday criticized the federal government for failing to take more aggressive steps to prevent Americans from losing their homes, highlighting a rift between her and other senior U.S. officials over terms of the $700 billion rescue package.

The government plan will help stabilize financial markets but it doesn't do enough to address home foreclosures, the root of the crisis, she said in an interview with The Wall Street Journal.

"Why there's been such a political focus on making sure we're not unduly helping borrowers but then we're providing all this massive assistance at the institutional level, I don't understand it," she said. "It's been a frustration for me."

Ms. Bair didn't single out government officials or leaders, but her criticisms brushed on decisions made by both the Bush administration and Congress. For example, she described painstaking efforts made by lawmakers in crafting the federal Hope for Homeowners program to make sure it limited resale profits for borrowers who received affordable home loans.

FOXNews.com - FDIC Chief Raps Rescue for Helping Banks Over Homeowners - Local News | News Articles | National News | US News


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