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and the other side of the story - the big banks may be saved but the mortgage holders won't be.
http://interestrateroundup.blogspot.com/
The bloomberg he links to is gone
In case the post moves down, here's part of it
(Ohio's program)
The state tried to combat the problem by designing a foreclosure prevention/bailout program. The plan: Sell $100 million in bonds to finance mortgages that would refinance borrowers out of higher-risk, troubled loans. But now that plan is failing. The state's Ohio Housing Finance Agency is now planning to sell just $25 million in municipal bonds.
http://interestrateroundup.blogspot.com/
The bloomberg he links to is gone
In case the post moves down, here's part of it
(Ohio's program)
The state tried to combat the problem by designing a foreclosure prevention/bailout program. The plan: Sell $100 million in bonds to finance mortgages that would refinance borrowers out of higher-risk, troubled loans. But now that plan is failing. The state's Ohio Housing Finance Agency is now planning to sell just $25 million in municipal bonds.