Current Events

This doesn’t really help me …

… with getting my mortgage issue resolved … how can it when the mortgage broker doesn’t follow through and return calls when he says he will?

From today’s New York Times:

Bush Will Offer Relief for Some on Home Loans

WASHINGTON, Aug. 30 — President Bush, in his first response to families hit by the subprime mortgage crisis, plans to announce several steps Friday to help Americans who have credit problems meet the rising cost of their housing loans, administration officials said Thursday.

The officials said Mr. Bush would call for the Federal Housing Administration to change its federal mortgage insurance program in a way that would let an additional 80,000 homeowners with spotty credit records sign up, beyond the 160,000 likely to use it this year and next.

The administration is offering his plan, which will include what one official called jawboning of lenders to persuade them not to foreclose on some borrowers, at a time of growing attacks on Mr. Bush from Democrats who say he has remained on the sidelines amid increasing anxiety over whether millions of Americans could end up losing their homes. Other elements of the plan would need legislative action, requiring Mr. Bush to win over the Democratic leadership in Congress.

This is the part that I really love:

The main objective of the package, one senior official said, is not to affect the stock markets but to help low-income homeowners, many of them concentrated in certain neighborhoods in several distressed areas of the country, such as Ohio and Michigan.

Hmmm … could this be a ploy to try to move Ohio and Michigan, two of the biggest swing states, back into the Republican camp in the 2008 Presidential election? Is it really about helping the poor?