No Detail too small to Keep Secret

While listening to about an hour of White House self congratulatory redirect on relief for subprime borrowers, I stumbled upon CNetNews.com: “House vote on illegal images sweeps in Wi-Fi, Web sites”. The relevance is that while the Paulson technical session describing the specific qualifications for subprime borrowers to benefit was kept secret, the details of the SAFE Act were detailed down to “obscene cartoons and drawings”.

The White House did reveal, through too many spokespeople, that they want to prop-up home prices and that mortgage servicers must act in the best interest of investors. The five year freeze on ARM adjustments is already old news. Homeowners who can’t pay the current rate or could pay the new rate are disqualified. Paulson went on to say that case by case modifications are too time consuming and the process will be streamlined with specific rules. Why won’t they tell us the rules?

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