Tuesday, September 23, 2008

Wall and Main

Don't count on on the proposed near trillion dollar "bailout" of our financial institutions to do much for stressed out homeowners.
From today's NY Times:

“We are literally spending hundreds of billions of dollars on subsidies for financial institutions,” said Christopher Mayer, a professor of real estate finance and vice dean at the Columbia School of Business. “This won’t do anything to help the housing market. This plan is about buying mortgage-backed securities, not mortgages, and there is a big difference.”

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