The rate freeze

[Will Barnett]

What is your opinion?

Personally I think it is a terrible idea. It's just gonna slow the bleeding, at least until rates adjust again and we are back in the same situation. I swear, when I hear Bush promoting it I get a chill up my spine like I'm living in Brazil or Venezuela. What really irks me is it's not for homeowners in peril of losing their homes,the way Bush promotes it. It's for lenders near insolvency.

It honestly doesn't make sense to me. This type of mortgage rate freeze means that the Fed will have to raise rates after cutting them 3 times in 6 months. It appears that instead of letting those that incurred these huge losses cover them, the plan is to spread the cost to new borrowers.

Losing your home is terrible and attempts should be made to avoid it on a case by case basis, not some huge federal mandate.