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Jul30
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 The controversial housing relief bill is now law. President Bush signed it yesterday, and it is full of bailout programs for mortgage lenders Fannie Mae and Freddie Mac, as well as help for about 400,000 people facing foreclosure. However, time will tell whether this piece of legislation will really help the housing market problem, or whether it is just so much wasted paper and money. |
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I think you're right to be a little wary of the new housing legislation. The previous programs have done very little to put a dent in the foreclosure crisis. While some homeowners have been able to modify their loans, the cost to other taxpayers in the form of more government borrowing and inflation is causing even more people to lose their homes.
Will it be a case of foreclosures leading to bailouts, which cause more foreclosure, which necessitate more bailouts, ad absurdum? I guess only time will tell, although I'm not optimistic.
Posted by: Nick | July 30, 2008 9:52 AM | Permalink to Comment