With many different proposals for bailout funds to be used in different ways, a common thread is the preservation of home values by preventing a glut of foreclosed homes in some areas. There are some predictions that roughly one third of all homes listed for sale at the end of the year will be [...]

“We believe that it is essential to utilize this authority to accelerate the pace of loan modifications in order to halt and reverse the rising tide of foreclosures that is imperiling the economy,” Federal Deposit Insurance Corp Chairman Sheila Bair said in prepared remarks to be delivered to the House Financial Services Committee. from Reuters
FDIC [...]

ABC news has an article based on a report from First American CoreLogic stating 60% of homeowners with mortgages higher than the value of their homes live in the states of California, Arizona, Florida, Nevada, Georgia and Michigan.
To define the locations further:
The problem is much worse in far-flung suburban neighborhoods where builders flooded the market [...]

As I was looking through the news, I saw plans being proposed by both Obama and McCain that would lead America back from the brink of the abyss and solve the problem of people who bought homes they couldn’t afford.  So, time to do a post, right?
Michelle Malkin beat me to it. McCain wants to [...]

Wall street Journal reports the current bailout proposal will be cut to an initial $250 billion with another $100 billion to follow if necessary.  The possibility of limits on executive pay and equity warrants in exchange for bailout assistance are evidently still on the table.  It sounds like the possibility of changes to bankruptcy law [...]

I’ll concede that I haven’t actually watched his “address” to the nation, I’ve just read little blurbs here and there. He’ll say whatever he’s told to say, but let’s look at who’s providing his “information”. Bernanke, who took over from Greenspan, as chief of the Federal Reserve, should have been aware of, and [...]

The more I hear about Paulson’s plan, the more it seems like the plan is really save the financials and let main street fend for themselves. So what do concerned citizens do?
Mish provides some insight into the Treasury Auction Scam and How To Stop It
Worth a read and it’s easy to do your part [...]

No commentary, just take a read at Angry Bear

Normally I don’t have a very high opinion of Congress and the political flailing about that seems so dear to their hearts. Today, however, I’m giving props to the Senators who have resisted the “Hanky Panky” Treasury plan and are insisting some checks, balances and limits be put in place if the plan is [...]