Related: Paulson to Spend Entire $700 Billion of Bailout
Bush Says He Will Stay to Fix Economy
"Financial sector lobbies for lower mortgage rates; Treasury urged to get 30-year loan down to 4.5%" by Globe Wire Services | December 4, 2008
WASHINGTON - Financial industry lobbyists are urging the Treasury Department to take steps to lower mortgage rates in an effort to stabilize the housing market.
Under the proposal, Treasury would seek to lower the rate on a 30-year mortgage to 4.5 percent, Scott Talbott, a vice president at the Financial Services Roundtable, said yesterday. That's about one percentage point below the current rate of 5.6 percent.
Who gives a shit about rates? No one can AFFORD a house right now!
Treasury would do so by purchasing mortgage-backed securities from Fannie Mae and Freddie Mac, Talbott and other industry sources said....
Treasury could make the proposal as part of a request for the second $350 billion of the $700 billion financial rescue fund, industry sources said.
Remember when Paulson said:
“If you’ve got a squirt gun in your pocket you may have to take it out. If you’ve got a bazooka, you may not have to take it out. By making it unspecified, it will greatly expand the likelihood it will not have to be used.”
Treasury Secretary Henry Paulson has been criticized by members of Congress for using the bailout money to shore up Wall Street banks, while doing nothing for homeowners facing foreclosure....
Translation: YOU GOT FUCKED, Amurka!!!
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