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U.S. rescue for mortgage industry , but not for homeowners

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posted on Sep, 24 2008 @ 06:00 PM
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U.S. rescue for mortgage industry , but not for homeowners


www.iht.com

WASHINGTON: Even if the U.S. Treasury Department reaches agreement with Democratic leaders in Congress on its $700 billion proposal to rescue the mortgage industry, housing experts warned Monday that the plan might do little to help troubled borrowers stay in their homes.

(visit the link for the full news article)




posted on Sep, 24 2008 @ 06:00 PM
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Foreclosures are still on the increase, in order for this to change there has to be a program in place to allow modifications of the terms on the mortgage of a person's primary residence. Most of the foreclosures are the result of bad lending practices , barely qualifying a person on an ARM with the selling point that they can refinance on a fixed term using their 'equity' at a later date.

www.iht.com
(visit the link for the full news article)



posted on Sep, 24 2008 @ 06:03 PM
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Who cares about the homeowners? CEOs have, for years, privatized their earning and socialized their losses. What makes this event any different? We must make sure they reap the millions and billions promised to them by the "free" market.

[edit on 24-9-2008 by pluckynoonez]



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