White House: too soon to discuss subprime loan plan

[Lone_Star_Dem]

Source: Reuters

WASHINGTON (Reuters) - The White House on Friday said it was "premature" to discuss possible new steps to address the mortgage crisis and declined to comment on reports that officials are working on a deal with lenders to freeze interest rates on some loans.

"It's premature to talk about those discussions at this point," White House spokesman Scott Stanzel told reporters, when pressed on whether the administration is working on a new initiative regarding the mortgage market.

Stanzel said that administration officials "certainly have been working in close consultation with the private sector and with the industry to look at ways in which we can help people keep their homes."

In August, the Bush administration announced a series of initiatives aimed at preventing homeowners from defaulting on risky mortgages. Those included a tax-relief proposal to make it easier for some homeowners to refinance their home loans.

Read more: http://www.reuters.com/article/topNews/idUSN3029727120071130?feedType=RSS&feedName=topNews

[Turbineguy]

1. They have to wait

for the free market forces to correct the number of people losing their homes.

[truebrit71]

2. This pisses me off....what about the poor bastards that have ALREADY lost their homes?

They're just fucked, is that it? :grr:

[tridim]

3. It's their own damn fault for trusting Bush when he was promoting..

his "ownership society" plan.

Of course, "poor bastards who are fucked" is EXACTLY what BushCo wants.

[Orsino]

4. But it's never too early to discuss the Social Security Crisis (tm). n/t

Way too early to discuss global warming.

[Nostradammit]

5. It's not yet the worst possible plan

Once it is, they'll implement it.

[donkeyotay]

9. And to accomplish that mission, they have to wait until no one's looking. nt

[SpiralHawk]

6. Translation: "We are clueless. As usual."

"And besides, all our fatcat republicon cronies are doing just fine. So you noisy proles can shut up and sit down."

- Republicon homelander cronies

[dantyrant]

7. For fucks sake....

Too soon? People are being foreclosed on by the millions!

[dysfunctional press]

11. not all of the foreclosures represent people losing their homes- not by a long shot.

in many areas with the most foreclosures, the people losing a house or a condo aren't necessarily losing a home, but rather an investment and their credit rating. a lot of them are investment properties and spec houses that people "invested" their money in, hoping to make a quick buck or 300,000 in the hot-hot-hot-will-never-go-down realestate market.

oops.

[central scrutinizer]

8. Just stall until Jan. 21, 2009

when it becomes somebody else's problem. See, that wasn't so hard.

[cliss]

10. I'll translate;

"It's premature to talk about it"

= there is nothing we can do. (this is true) the problem is too big.

"have been working to look at ways in which we can help people keep their homes"

= we've tried, but there is nothing we can do. This is going to crater our economy, by next spring.

:smoke:

[Heywood J]

12. "Those included a tax-relief proposal to make it easier for some homeowners to refinance their homes

Yeah, because the majority of people being foreclosed upon have enough income at that point to pay taxes... What bank would refi a house for more than it's worth without a large cash input? Somebody has to take the loss, and no bank will just nod and say "sure, we'll take a loss so you can stay afloat."

A tax cut won't fix everything, and to throw one at people right now and call it a solution is a crock. If that's the best they've got, they have nothing and they're tap-dancing around it.

[fasttense]

13. If the neocons are considering this, then it means

some huge wealthy corporation is going to make another huge profit from this. I wonder how they will do it? How about a giant balloon payment after a year, or better yet, after a year you sign over the life of your first born. There has got to be someone, who is friends with the bushes, who is going to make out big time on this deal.

[Historic NY]

14. Welfare for the banks & corporations.....

this will not help the little guy. I can't see how the government can intercede in a private civil contract. To intercede also has widespread implications.

[Xenotime]

15. Families are suffering right now and that's all they say?!? FUCK!

[TrogL]

16. The more they stall, the more the next President/Congress will have to deal with it

Then the Republicans can blame the entire crisis on the Democrats.

Remember, the overall goal is to bankrupt the US government so it can provide no social services so these can be provided by faith-based organizations so everybody gets to learn all about Jeebus.