The big announcement from the Fed today is the poor guy now has no chance of getting out from under. Real relief is not forthcoming. Homes will not be built, the construction industry hurts, the people who want a home are denied one. And all because another Bush proclamation that would be borrowers are "recklessly speculating". He is talking about people--human beings, voters and American citizens: people who only wanted to come in out of the rain. The real speculators are the developers and banks who are permitted to construct these usurious traps for innocents to fall into, and mortgage brokers who encourage them.
Instead of ruling that banks can no longer create ARM mortgages, it instead makes lending impossible. Morons. Utter shameless bastards.
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