National: Bush expected to announce Sub-Prime plan.
Summary: In the wake of huge numbers of foreclosures throughout the United States and trouble in the global stock market President Bush is expected to announce a plan to curb the impending crisis and bring the sub-prime situation under control. The plan is expected to allow the Federal Housing Administration to guarantee loans for borrowers who are more than 90 days behind in their payments. The plan will also reiterate the need for more stringent enforcement of laws to prevent irresponsible lending.
Opinion: Solving the sub-prime loan problem should be top priority for this administration. Record numbers of Americans are losing their homes and the recent ills on the global stock markets are a direct result of the sub-prime loan situation. It is very important for a comprehensive plan to be put into action to prevent further crisis, and the repeat of these events in the future.
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FHA loans are some of the worst investments because it allows the borrower to only come in with 3% down. If you can only afford 3% down then you are buying to much home. People need to fall sometimes to learn a lesson. Tough sometimes, but there were many corrupt lenders in the past three years.
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