17/10: Most Under-Reported Soundbite of the Day
Category: Politics
Posted by: A Waco Farmer
A salient and concise explanation of the current economic dilemma:
"[T]he fundamental question is, what do we do to help homeowners? I don't think we ought to be providing bailouts for lenders, but I do think we ought to put policy in place that helps people stay in their home. And that's why this FHA modernization bill is really important, because it will extend the reach of the FHA, and enable more people to refinance their homes.
"Part of the issue in the housing market has been, as a result of asset bundling, it's hard sometimes for people to find somebody to talk to, to help them refinance. In other words, in the old days, you go into your local savings and loan, and sit down and negotiate a house deal, and the person with whom you negotiated would be around if you had financial difficulties, to say, can't you help me restructure? Today the originator of the note no longer owns the note, in many cases.
"The securitization of mortgages actually provides a lot of liquidity in the market, and that's a good thing. But it also creates an issue here in America, and that is, how do we get people to understand the nature of the mortgages they bought, and how do you help people refinance to stay in their home? And so that's what Secretary Paulson, Secretary Jackson have been working on, particularly with the private sector, to facilitate the ability to people to refinance."
Well stated. Clear, informed, and correct. Who said it?
A Harvard MBA. President Bush offered this exegesis in answer to a question posed by a reporter at his White House press conference on Wednesday.
Not bad. Not likely to make it onto Letterman, but it is nice when the President reminds us that he is not an ignoramus. But, of course, tomorrow is another day.
"[T]he fundamental question is, what do we do to help homeowners? I don't think we ought to be providing bailouts for lenders, but I do think we ought to put policy in place that helps people stay in their home. And that's why this FHA modernization bill is really important, because it will extend the reach of the FHA, and enable more people to refinance their homes.
"Part of the issue in the housing market has been, as a result of asset bundling, it's hard sometimes for people to find somebody to talk to, to help them refinance. In other words, in the old days, you go into your local savings and loan, and sit down and negotiate a house deal, and the person with whom you negotiated would be around if you had financial difficulties, to say, can't you help me restructure? Today the originator of the note no longer owns the note, in many cases.
"The securitization of mortgages actually provides a lot of liquidity in the market, and that's a good thing. But it also creates an issue here in America, and that is, how do we get people to understand the nature of the mortgages they bought, and how do you help people refinance to stay in their home? And so that's what Secretary Paulson, Secretary Jackson have been working on, particularly with the private sector, to facilitate the ability to people to refinance."
Well stated. Clear, informed, and correct. Who said it?
A Harvard MBA. President Bush offered this exegesis in answer to a question posed by a reporter at his White House press conference on Wednesday.
Not bad. Not likely to make it onto Letterman, but it is nice when the President reminds us that he is not an ignoramus. But, of course, tomorrow is another day.
