President Bush announced a deal with the mortgage industry that may help a lot of people across the country. I’m no fan of bailouts, but I see this as a good thing. When I look at the balance between the mortgage industry, mortgage brokers and banks, and the real estate market- I think there are plenty of responsible homeowners who were sold products that were simply not appropriate. Should they have known better? Probably. Should the mortgage industry and brokers be blamed? Probably. But should we let potential foreclosures and the worst real estate market in generations affect the national economy? No… I don’t think so.
“We should not bail out lenders, real estate speculators or those made the reckless decision to buy a home they knew they could never afford,” Bush said after meeting with industry leaders at the White House. “But there are some responsible homeowners who could avoid foreclosure with some assistance.”
For those who do need help, and meet the criteria established, maybe this is a good thing for the nation as a whole. It really only affects people who still live in their homes, took out mortgages between 2005 and this past summer, and who have paid their loans on time, but are about to be “reset” for much higher rates. Doesn’t help everybody, but then again it’s not designed to do that.
“There is no perfect solution,” President Bush said Thursday as he announced an agreement hammered out with the mortgage industry. “The homeowners deserve our help. The steps I’ve outlined today are a sensible response to a serious challenge.”
You know what I find amazing? This was a deal hammered out between the government leadership and private industry- without the involvement of Congress. There was no legislation or bill sent from Congress to the President to make this happen. I think that’s remarkable personally. I hope it works, and gets help to those who need it. Here’s the hotline number if you may need assistance: 1-888-995-HOPE
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