Seeking to gird the nation's economy against a potential tidal wave of foreclosures, the Bush administration will release a plan today that is expected to block many mortgages from adjusting to higher rates for as long as five years.Bush's plan won't help low-income borrowers? That's a shocker, isn't it?
Administration officials acknowledged privately Wednesday that the plan was likely to face objections from low-income borrowers who won't be helped....
Atrios provides some more detail on what the requirements are to qualify for Bush's plan, and the two key ones that will exclude most low-income borrowers are:
- Must not have missed a payment
- Must own a home worth more than their mortgage
Like Atrios, I've become increasingly unsure that any kind of broad-based bailout plan can work or work well, in any case but if you're going to do it everyone ought to have a shot at getting help. Bush's plan, conversely, pretty transparently doesn't care about anyone with a modest income. Not part of his base, I guess.