Bush offers help for mortgage holders
President Bush offers help to keep people with risky mortgages from losing their homes. That's what the markets needed to hear, said TheStreet.com. Subprime mortgages aren't all bad, said The Chicago Tribune.
President Bush today is announcing several measures to help Americans with risky mortgages avoid losing their homes in foreclosure. One key step will be to make it easier for borrowers with spotty credit to sign up for mortgage insurance through the Federal Housing Administration.
This was just what the volatile stock market needed to hear, said Robert Holmes on TheStreet.com. Getting more people to refinance with FHA insurance will surely reduce the severity of the coming wave of foreclosures. Now if only Federal Reserve Chairman Ben Bernanke could find it in his heart to lower interest rates.
Up to now Wall Street has been the only whose pleas for a “helping hand” got any attention, said The New York Times (free registration required) in an editorial. But “today’s troubled homeowners took undue risks in dicey mortgages, as Wall Street did.” Any solution to the credit crisis has to include them.
Don’t be too hard on banks as we beat ourselves up over the subprime mortgage meltdown, said The Chicago Tribune (free registration) in an editorial. Yes, these loans to people with poor credit can be very risky. But they are also godsends for “millions of Americans who were once locked out of home ownership.”
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
MOST POPULAR ON THE WEEK
- Republicans love this new health care plan. Too bad it's basically a tax cut for the rich.
- Is it now OK to have sex with animals?
- In Ferguson, Michael Brown lost his life — and America's police lost the benefit of the doubt
- 43 TV shows to watch in 2014
- In defense of Gwyneth Paltrow
- How to be the most productive person in your office — and still get home by 5:30 p.m.
- 17 old proverbs we should use more often
- 8 tricks to surviving the holidays without gaining weight or being grouchy
- Don't blame Chuck Hagel: Obama's foreign policy has been a disaster from end to end
- Adam Sandler's 'Thanksgiving Song': Explaining the 22-year-old tune's pop-culture references
Subscribe to the Week