TMC:
You are correct that it will only be limited to a targeted audience and that isn't going to solve the problem in its entirety. But, some is better than none - especially when the ones that get relief are those that are most likely the best bets.
What Roguesterites fail to 1) appreciate and 2) address is what the alternative is. I don't KNOW that this program (which is guaranteed to go into effect IMO) will work - and even if it "works", to what degree? However, I think I DO know that if they do nothing, we could conceivably have a complete and total economic collapse. When you are dodging bullets trying to wipe your ass with poisen ivy, you'll be wishing the government pulled yet another rabbit out of their hat!!!!
The BIGGEST argument in favor of it (and undoubtedly the rationale behind it) is not the homeowner that stays in his house, but rather that this will allow the financial industry to smooth out the crisis on their books rather than a massive 12 month free for all that could be devasting and could undercut our entire world position, not to mention the integrity of the banking system ... to the core. I fail to see anything wrong with an attempt that would facilitate protecting that. It's the responsible thing to do.
As I've said before, they should all be shot! The problem is that it's too late to save our system. All we can do now is continue to use baling wire, duct tape and fingers in dikes as long as possible. Collapse is collapse. It can't get any worse than that.
Len
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