Banks/Fed Swing to the Rescue.

[rose-colored-coolaid]

http://money.cnn.com/2007/12/03/real_es ... tm?cnn=yes

Of course, like George of the Jungle, they are not particularly good at swinging or rescuing. The current plan will bailout homeowners who cannot afford* their investment (sic).

* Definition of 'cannot afford' subject to redefinition at any time. Current definition excludes those who are 'not subprime', already in default, hypothetically capable of meeting payments, investors, speculators, or those who cannot actually afford their homes.

[perfectfire]

I imagine that they will exclude people that lied about their income.

[CliveL]

I like the headline of this article - the latter half
Foreclosure rescue: No help for you

[Lake Hills Renter]

One of the local news stations played a short blurb about how this is going to save the local housnig market. Good to know that's done with!

[SeattleMoose]

This is sounding more and more likely to be as effective as it would have been to add a few 2x4's in the basement of the World Trade Center towers the morning of 9/11 and then proclaiming...."don't worry we have reinforced the building".

[rose-colored-coolaid]

[SunTzu]

[SeattleMoose]

[acurawsu]