A VC: Hitting The Reset Button On MortgagesFirst Faved : Apr 01 2008 by mohitFaved : 1 time with noteViewed : 1 timeFave It!
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Quoted: I think this is basically a good idea. If the government is going to bail out the people trading with Bear Stearns in an effort to calm the markets, then they might as well go right to the source of the poison and clean up the mortgage mess. But it has to be done right. And I think that insuring the mortgages instead of buying them, as was done in the depression, is an idea with some merit.
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Thanks for dotting this. I'm always looking for more stuff about the Frank-Dodd bill.
As I've learned about some of the controls (sunset clause, 2nd morgages are ineligable) I'm not as against it as I first was. For our current situation, it may be a good thing, however I can't support the bill in principle until someone can point out to me how it benefits our entire population, and not just the small % of homeowners who are in trouble (especially when there are private charities who are already helping these sorts of people out - hope now, for example)