What is the Plan?
Economic News
October 24th, 2008
What is the Plan?
The Wall Street Journal reported thursday that the Bush administration is weighing a roughly $40 billion proposal to forestall foreclosures, one of a series of ideas being considered
The suggestion is for the government to give banks a financial incentive to turn troubled loans into more affordable mortgages. Under the proposal, the government would share in any potential future losses the banks might incur.
The treasury department is also moving ahead with separate plans to use part of it’s $700 billion rescue fund to directly buy and re-negotiate mortgages.
Stay tuned….as they say …film clip at 11 
