As a complete nonexpert, let me offer a thought on how the government can help both banks and borrowers.
Set up a joint venture of 3-5 banks and have the venture negotiate to purchase non-performing loans from the current owners and then do the work-outs with the homeowners. The government could help with funding and guarantees for the homeowners and the banks but there should be incentives and oversight for the joint venture to do a fair and efficient job.
I know that this proposal is simplistic and it surely has holes and dangers , but I hope that action along these lines are being explored by those with the expertise and influence to make an operation like this work.
from the lead paint contained in its its product. The head of the company responsible for the safety threat promptly committed suicide.
Earlier, China executed Zheng Xiapyu, former head of its Food and Drug Administration, for accepting bribes from food manufacturers.
In the United States, the newly privatized automaker Chrysler just hired the highly-criticized Robert Nardelli, ex-Home Depot CEO ousted for mismanagement but at the same time awarded an outrageous termination package.
Clearly, in the U.S. we don't expect failed leaders to fall on their swords. But, rather than Medals of Freedom, what should be the punishment be for Bush and Cheney and their minions for, among other wrongs, the deaths and destruction resulting from their lying us into an unnecessary invasion and into years of neglect of the danger of global warming?
POLITICAL HEADLINE -
Clinton spokesman Howard Wolfson and Obama spokesman David Axelrod squared off on the MSNBC political program, Hardball. The main topic was Obama's statement of his willingness to meet with disliked leaders of states such as Iran, Syria, and Venezuela. Most contentious was Wolfson's criticism of a possible meeting with Iran's Ahmadinejad, a "Holocaust denier"
Imagine if President George Bush followed the position of Obama (and the Iraq Study Group) that we should meet with important countries that do not agree with us and agreed to meet with Ahmadinejad. If these two factually-challenged leaders did meet, the headline could then be:
HOLOCAUST DENIER MEETS WITH EVOLUTION DENIER
NEWS AND COMMENT
|TV journalist in affair with LA mayor keeps job - August 3, 2007|