There is a mortgage rate freeze on subprime loans. And mortgage debt forgiveness tax relief. And now Project Lifeline attempts to forestall foreclosures by having banks voluntarily delay proceedings in order to work out new mortgage loan terms.

If you read this blog, you know that I have really been annoyed with the way the “fixes” to the credit crisis are headed. A mortgage rate freeze that will have us back to this point later, Fed rate cuts that encourage inflation and now a liquidity plan that further aims to put an inadequate band-aid on a gaping hole gushing with blood.
I personally think that some sort of nationalized standard of lending should be developed. You know, one that requires that someone be able to make payments on a mortgage — even after the rate resets. And I certainly …read more