sunday subprime saviour meltdown

It seems the part poopers are coming out in force.

The US govt rescue plan is just as I thought.....a load of crock!

CNBC News has just driven a D10 right through the middle of it.
http://www.cnbc.com/id/20533556/site/14081545

"White House Has It all WRONG On Subprime"

The "FHA-Secure" program will help people who have good credit but who have not made all of their payments on time because of rising mortgage payments."

"Only 80k Borrowers Will Beneft That 'Qualify'
for a FHA Loan - Max Mortgage Amount is $362k"

"This only accounts for approximately 80,000 housing loans in the US"

and the big bombshell...........

When a home is refinanced and the home is valued lower than the purchase price "the difference is taxable". This is the so called recue plan to permit some (not all) refinance home loans to be exempt from this tax. BUT!!!! this needs white house congess approval.

Get ready for phase 2 of the "correction"

This is definately not over by a long shot! (IMO only of course......rolol)