Schumer proposes millions for subprime bailout

[taught_me_patience]

of the borrowers.

http://www.bloomberg.com/apps/news?pid=20601103&sid=ab9XAmOovpak&refer=us

Senators Urge `Hundreds of Millions' in Subprime Aid (Update1)

By Alison Vekshin

April 11 (Bloomberg) -- U.S. Senator Charles Schumer and other members of a key banking committee said the federal government should spend ``hundreds of millions of dollars'' to bail out subprime mortgage borrowers facing foreclosure.

Non-profit groups would distribute the money to help homeowners refinance loans they can't repay, Democratic Senators Schumer of New York, Robert Menendez of New Jersey and Sherrod Brown of Ohio said today at a news conference in Washington. All three are members of the Senate Banking Committee.

``We are just making a general proposal here that the federal government step in and help refinance'' delinquent home loans that ``would be in foreclosure soon if nothing was done,'' Schumer said.

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If this passes, I will quit the democratic party forever. This is not a joke for me. Schumer was my most favorite senator and now I despise this legislation and I despise him. I've worked in the mortgage industry and saw the pure greed in the subprime lending first hand. For the goverment to bail these people out, to me, means they are condoning greed, speculation, idiocy, and ignorance. I've sat and watched while the LA housing market has been driven to insane levels by these greedy subprime bastards. Meanwhile, I share a house with three other roomates to save money in order to afford a downpayment. Once again, the goverment screws the responsible people...


taught.