No one understands how everything fits together?
Or is it THESE GUYS who are basically clueless?
Sorry, really didn;t mean to acquire toxic banks assets with that 3/4 of a trillion I was talking 'about the other day, which McCain suspended his campaign over, probably costing himself the election, I meant to say we should focus on consumer loans.'
U.S. Treasury modifies bailout program
WASHINGTON: Treasury Secretary Henry Paulson Jr. on Wednesday announced a major shift in the thrust of the $700 billion financial rescue program, at the same time joining several agencies in prodding banks to speed up the thaw in the country's credit system.
Paulson said the $700 billion would not be used to buy up troubled mortgage-related securities, as the rescue effort was originally conceived, but would, instead, be used in a broader campaign to help financial markets and, in turn, make loans, including car and student loans, more accessible for creditworthy borrowers.
"During times like these, with a slowing economy and some deterioration in credit conditions, even the healthiest banks tend to become more risk-averse and restrain lending, and regulators' actions have reinforced this lending restraint in the past," Paulson said at a news conference.
But, he added pointedly, with their financial foundations already shored up by recent government support, "our banks will be more confident and better positioned to play their necessary role to support economic responsibility."
Paulson also pledged intensified government efforts to help struggling homeowners and said he and his aides "are examining strategies to mitigate" foreclosures.
And for those who have struggled to PAY their mortgages off, and own their homes? Own their cars? Ended their debts as students?
Do we at least get a visit from W and Barry who will take us to dinner before screwing us?
2 comments:
Amen, brother, amen. Had that very fight with my mortgage company back in January when I wanted to refinance lower. Sorry, can't help you. No late payments (though it has occassionally been close) and you can't help me, a good customer, but the guys who over extended over bought get the help? It was their responsibilty to know what they were getting into, and the lender's to explain it if they didn't. Not mine to bail their willfully ignorant ass out. But in the end I'll be the one paying for them and my own mortgage. And the rep agreed with me but, of course, nothing he could do.
Caroline Glick, VP of Fox Biz says CALL YOUR BANK'S LOSS MITIGATION GROUP, not a customer rep, and do it even if your record is perfect.
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