Later today George Bush will announce his administration’s plan to deal with the subprime meltdown. Instead of a change in the law, this is a voluntary deal negotiated with some large mortgage lenders and mortgage servicers. If it works, it’s a slick deal for the lenders. But it may be too small to do any good. The plan has two features that shape the whole deal:
This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=1250688