Today we will get that credit crunch “Plan” the occupied white house has been trumpeting about, that will give relief to only those home buyers who can meet and have been meeting scheduled payments on their sub-prime loans, and has been bought into by mortgage financers.

The administration is finally forced to act because it is threatened with actual solutions to the overall problems being offered in Congress. This patch on a bursting industry is being pressured out of an industry that knows it has taken the whole country into highly dangerous territory by its greed and mammoth malfunctions. The small number of loans affected will help to boost that new Gold Standard, ’consumer confidence’. That may save the country from disaster, but as I reported in my post earlier this week, most industry insiders are dubious.  Read more