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In response to
"Kudos to the Administration for considering using the $700 billion bailout to fund mortgage relief. It's become a shadow budget. -- nm"
by
Mop
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I'll bet that less than a billion is used to help home owners stay in their homes, they've dithered so long that I doubt there are any job holding...
Posted by
zeitgeist
Oct 29 '08, 22:46
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owners with an ARM that's caused their payments to go up 50% or more (some doubled) that are still hanging on, by the time the program gets going most of them will be sunk under the weight of those payments.
we've heard of whole neighborhoods in new developments almost abandoned cause they were full of these toxic loans. that was 2 years ago. the mortgage crises hit us last year, that was near the height of it, (remember what triggered the bailouts wasn't the mortgage banks but the massive speculation in the insurance side of it.)
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