Thursday, May 08, 2008

Bush On The Mortgage Mess

Bush plans to veto the proposed "housing-relief bill", expressing,
The president on Wednesday repeated his opposition to a bill “that will reward speculators and lenders” who have suffered because of their own foolishness.
If that's truly the way he feels, he should be advocating for changes in bankruptcy law that would permit lenders and borrowers to share the cost of their folly through first mortgage cramdowns in bankruptcy court. But of course, he doesn't actually favor that - he seems to instead favor "solutions" which direct taxpayer money to lenders but not to borrowers.

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