Subprime Bailout: New Proposal January 31, 2008Posted by pf in Expenses and Savings.
Tags: bailout, default, dodd, foreclosure, mortgage, subprime, taxpayer
I just read about a new subprime bailout posted on CNNMoney.com. Essentially, what is being proposed is the creation of a Homeownership Preservation Corporation that would buy mortgage securities that are collaterlized with at-risk, subprime loans.
The kicker is that to get this fund going, it would require $20-25 BILLION dollars from taxpayers to get it going.
I’m sure it’s in the early going yet, but I see no reason whatsoever for government intervention…and especially not with taxpayer money. NONE.
Here’s the link: