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Bush Subprime Rescue Plan Undermined as States Reject Borrow

 
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PostPosted: Fri Feb 01, 2008 1:47 pm GMT    Post subject: Bush Subprime Rescue Plan Undermined as States Reject Borrow Reply with quote

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Description: Bush Subprime Rescue Plan Undermined as States Reject Borrowers; MA has extended only 4 loans under $250M program
URL: http://www.bloomberg.com/apps/news?pid=20601109&sid=aNHt0qeN4SYs&refer=home
Info/Broken?: http://www.bostonbubble.com/link_info.php?id=1435

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PostPosted: Fri Feb 01, 2008 11:33 pm GMT    Post subject: Reply with quote

Quote:
states don't want the risk any more than private lenders do.

The state housing agencies that are already offering mortgage refinancing options are turning away so many applicants that they've had no need to raise funds. Since New York said it would commit $100 million in July, three of the 500 loans envisioned have been made. Massachusetts extended four loans under a $250 million program started in August, and Ohio made just 36

The reluctance of Statesto lend threatens to undermine a pivotal part of the president's plan for alleviating the worst housing slump in 26 years. More than 50 percent of subprime borrowers are being rejected by state programs


I am Shocked
The People's Republic of Massachusetts
would reject anyone
Exclamation
.
We should simply give the money away
with no strings attached
to the unfortunate homeowners
who took out no money down loans
who cannot, or will not make payments
Exclamation
Rolling Eyes
.
.
.
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