http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2008/05/08/national/w150213D38.DTL&tsp=1
----
The House on Thursday passed a massive homeowner rescue plan to
provide cheaper, government-backed mortgages to half a million debt-
ridden borrowers and bolster an economy crippled by the housing
crisis.
....
It would let the Federal Housing Administration take on up to $300
billion in new mortgages so that financially strapped borrowers facing
foreclosure could refinance.
....
The measure is targeted at homeowners facing default, including many
who owe more than their houses are worth.
For instance, a homeowner who owes $290,000 on a house now worth
$225,000 could refinance into an FHA-backed loan if the mortgage
holder was willing to take a loss of about 36 percent. The borrower's
monthly mortgage payments would fall from $2,200 to about $1,200.
----
The program is essentially identical to Obama's.
I denounce the program.
I call upon USENET progressives to denounce it as well.
