Thursday, December 06, 2007

Not Gonna Do Anything

CNN's telling me what the great mortgage rate freeze program will do.

People who qualify:

  • have an income and live in their homes
  • are currently making their payments on time
  • would default if their interest went up

  • ARM mortgage has to have been taken between 1/05 and 7/7
  • Has a rate reset between 1/8-1/10
And you don't qualify if:

  • have missed payment
  • can afford mortgage rate increase
  • don't have an income
  • own homes which are worth less than their mortgage
The last one is the kicker, as it kicks out the class of people who might actually be able to refinance on their own.

I became increasingly skeptical that such a broad-based bailout would be workable for various reasons, but as is usually the case with anything the Bush administration gets involved in, they aren't even really trying.