AP: Five-Year Mortgage Rate Freeze Looms. Congressional aides say the Bush administration has hammered out an agreement with industry to freeze interest rates for certain subprime mortgages for five years in an effort to combat a soaring tide of foreclosures.
This sounds like the most dangerous bit of fiscal sleight of hand in years — putting off the actual problem and utterly rewarding the people who were the most reckless in the mortgage bubble.
Americans who didn’t join the sleaze will pay those who did. It’s reprehensible, and it’s going to put this nation further into the national bankruptcy that already exists for all practical purposes.
Meanwhile, the local paper endorses this idiocy — and more. Sheesh…
I’m looking for safer places to put my money at this point than my own country. We’ve lost all common sense here.