del
Diamond Member
- Banned
- #21
from the OP-
This is a conscious choice we made, not to start with principal reduction, Mr. Geithner told the Congressional Oversight Panel. We thought it would be dramatically more expensive for the American taxpayer, harder to justify, create much greater risk of unfairness.
Mr. Geithners explanation did not satisfy the panels chairwoman, Elizabeth Warren.
Are we creating a program in which were talking about potentially spending $75 billion to try to modify people into mortgages that will reduce the number of foreclosures in the short term, but just kick the can down the road? she asked, raising the prospect that well be looking at an economy with elevated mortgage foreclosures not just for a year or two, but for many years. How do you deal with that problem, Mr. Secretary?
A good question, Mr. Geithner conceded.
What to do about it, he said. Thats a hard thing.
thanks for clearing that up, mr secretary.
we're fucked.
This is a conscious choice we made, not to start with principal reduction, Mr. Geithner told the Congressional Oversight Panel. We thought it would be dramatically more expensive for the American taxpayer, harder to justify, create much greater risk of unfairness.
Mr. Geithners explanation did not satisfy the panels chairwoman, Elizabeth Warren.
Are we creating a program in which were talking about potentially spending $75 billion to try to modify people into mortgages that will reduce the number of foreclosures in the short term, but just kick the can down the road? she asked, raising the prospect that well be looking at an economy with elevated mortgage foreclosures not just for a year or two, but for many years. How do you deal with that problem, Mr. Secretary?
A good question, Mr. Geithner conceded.
What to do about it, he said. Thats a hard thing.
thanks for clearing that up, mr secretary.
we're fucked.