Tuesday, June 17, 2008

Senate will bail out mortgages, even though 35% will default

Even though the Congressional Budget Office (CBO) found that a stunning 35 percent of the loans refinanced through the bailout program will eventually default anyway. And banks will use the program to offload their "highest-risk loans" to the taxpayer. But, that’s apparently good enough for Congress.

read more | digg story

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