Ohio Plans Bonds to Bail Out Homeowners Strapped by Mortgages

[Sapiens]

http://www.bloomberg.com/apps/news?p...BIE&refer=home

March 23 (Bloomberg) -- Ohio, which had the highest foreclosure rate among the 50 U.S. states at the end of 2006, plans to issue $100 million in taxable municipal bonds next month to help homeowners refinance mortgages they can't afford.

Proceeds of the bond issue by the Ohio Housing Finance Agency will provide financing for about 1,000 loans with a fixed rate of about 6.75 percent, said Robert Connell, the agency's director of debt management.

``We believe that it is incumbent on this agency to do something to assist these folks to enable them to keep their homes,'' Connell said. ``A $100 million bond from this agency is not going to solve Ohio's foreclosure problem. We hope to at least make a dent.''

Ok, here we go! Let the gravy train roll!

Having just read The Creature from Jekyll Island, can't help but laugh.

[Tet]

Re: Ohio Plans Bonds to Bail Out Homeowners Strapped by Mortgages

http://www.bloomberg.com/apps/news?p...BIE&refer=home



Ok, here we go! Let the gravy train roll!

Having just read The Creature from Jekyll Island, can't help but laugh.

When you've pulled all the profits out of one bubble, you need to socialize the costs of the bubble. Privatize profits, socialize costs, Lenin and Marx would be proud. Fortunately the cows in this debtors prison can barely read yet alone have any understanding of what is going on.