Bush Mortgage Rate Plan - Absurd!

by Osman Parvez

I don't normally delve into politics (at least not on this blog) but the Bush administration just unveiled a scheme to freeze mortgage rates for five years on those with adjustable rate mortgages. Although some will argue the positive implications for the housing market, I'm not in favor (to put it mildly). It's a huge bailout for borrowers who got in over their heads at the expense of everyone else. It will also be detrimental in the long run to the normal mechanics of the housing cycle.

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