The Mortgage Rescue Plan and the Lessons for Health Care Reform
Your elected representatives at work….
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CNBC has a long and detailed article about the current state of the President’s mortgage rescue plan.
Eight months later, the plan is plagued by delays, red tape and, some critics say, a reluctance by banks to do their part. Just 17 percent of eligible borrowers have had their loans modified and monthly payments cut. Hardly any have been given a cut in the amount they owe on homes which are now worth less.
That means many successful applicants are left with loans that they still will not be able to afford in the long run. So instead of resolving the housing crisis that pushed the U.S. economy into recession, America may be prolonging it and, in the process, stunting the global recovery.
Think of the President’s mortgage rescue plan as a mini version of the president’s health care plan. This certainly wasn’t debated as furiously as health care, but most of the same types of promises about hea