New Mortgage Fix Doesn’t Benefit Those Making Their Payments

The Bush Administration briefed Republicans today about a deal with the mortgage industry to halt the subprime meltdown. It might be released to the rest of us by tomorrow. One of the main concerns? Bloomberg reports that the mortgage fix doesn’t benefit those with resetting mortgages who are able to make payments:
“My biggest concern is that there are a lot of Americans who are making their mortgage payments, they are current, and the benefit won’t go to them,” Representative Spencer Bachus, the top Republican on the House Financial Services Committee, told reporters after the meeting with Paulson today.
Evidently, the …read more