I am curious to hear other's opinions about the proposal made by President Bush to allow FHA to guarantee loans for delinquent borrowers. While I personally don't believe the Federal Government should bail people out for making poor decisions, I don't want to see millions of people lose their homes because of interest rate increases.
President Bush is quoted as saying, "It's not the government's job to bail out speculators, or those who made the decision to buy a home they knew they could never afford.'' This proposal sounds like it will help a lot of homeowners, but I am interested to see how the determination is made who is to be helped and who is not.
What do you all think?