A Small Sop for Borrowers and Investors
Morningstar's take on the Bush mortgage plan.
The Bush plan falls far short of being a miracle cure for the mortgage mess. But we think the plan is marginally positive for several reasons and that investors, as well as borrowers, should see some small benefit.
Opinions have been flying ever since the announcement by President Bush and Treasury Secretary Paulson of a subprime mortgage rate freeze. It has been called the Bush bailout plan, but first and foremost, we feel it is important to say right off the bat that this announcement is in no way, shape, or form a government bailout. Let us just say that again to stress the point...THIS IS NOT A BAILOUT. No taxpayer dollars are being used to keep people in their homes. In addition, this is not a law. There is nothing in this plan that requires lenders to operate within these guidelines.
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