Posted on 12/03/2008 1:35:19 PM PST by Ernest_at_the_Beach
SAN FRANCISCO (MarketWatch) -- The Treasury Department may float a plan to reduce mortgage rates on new mortgages to boost the housing market, The Wall Street Journal reported late Wednesday on its Web site,
(Excerpt) Read more at marketwatch.com ...
I guess I’m out of luck with my 8-year old existing mortgage.
Those of us with existing mortgages get squat. Fine with me, i don’t need it, but hell, why should the government be in the business business? Let the damn free market work!
The government should drop everyones interest rates to 4%. Why just new home buyers? Punish the ones that are making their payments?
Isn’t government intervention in mortgages what got us into this mess?
The other half of how we got to now is not requiring much if anything down.
Nice to see the Treasury destroy our country.
DING, DING, DING!!! We have a winner!
Because they screwed up so badly being in the government business.
It’s all great when you receive the benefit, but controlling market rates doesn’t work, and the treasury doesn’t have enough money to bail out the economy. The economy is us.
It’s so depressing reading article after article saying they are just setting us up for a worse disaster.
This is pathetic. The true triumph of politics over economics. I don’t even know what to call it. Fascism, socialism, communism...none of those fit, but fascism is the closest. Keynes on crack?
Dow up big again. Hooray for Socialism!
Zombie economics
From what I read it doesn’t say new “homes” or “home buyers”, it says new “mortgages”. Couldn’t every simply refinance if the home appraises?
You, sir are a genius!
I was starting to feel left out since I’m mortgage free! I simply don’t know how to be a good collectivist. I will follow your lead! Thanks!
Watching CNBC...much discussion on how this story was leaked,...Treasury seaching for leakee....concern that current lenders of 5% deals will be upset....plan not yet ready for prime time!
“Those of us with existing mortgages get squat. “
Everyone who is self-reliant, paid their bills and fiscally responsible ... gets squat..
NO, correct that ... WE GET A TAX INCREASE.
End the crisis - make the tax cuts permanent.
See #17!
And how would the Govt force people with money in banks to get less in interest to PAY for this reduction?
Let me translate what you just said, so you understand the consequences of your statement:
“THE GOVT SHOULD TAKE MONEY FROM ONE GROUP OF PEOPLE (people who lent money above 4%) AND GIVE IT TO ANOTHER (people who borrowed above 4%)”
Are you a socialist or a thief? or both? I suspect neither, but are falling down the slippery slope we end up when we start down the ‘bailout’ primrose path. It will always be unfair to bailout one person and no bailout someone else. so the circle gets wider and wider until we realize that the whole concept is flawed and impossible.
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