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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