Markets rallied in late trading in the biggest gain in six years, emboldened by news that Washington wants to create a new agency that will buy up ALL the bad loans on these financial companies’ books. The initiative would be an attempt to fashion a holistic solution instead of bailing out each individual bank as it fails. This would cost many more billions of dollars and require Congressional approval. In order for all those CongressCritters to keep their jobs, there is talk that the deal would be packaged with another stimulus package perhaps including more rebates, along with food stamps and unemployment benefits.
New Super Agency Proposed To Buy Up All The Very Bad Loans And Save Our Financial System
By Ben Popken September 18, 2008
- mortgages New Policies Aim To Make It Easier For First-Time Home Buyers To Get Mortgages
- bursting bubbles Banks Can’t Get Away With Horrible Mortgage Practices Anymore, So Now They’re Doing It With Car Loans
- bad business practices Student Loan Servicers Tricked Borrowers Into Paying More, Made Illegal Collection Calls
- cleaning up student loan servicing Wells Fargo Must Pay $4M Over Allegedly Illegal Student Loan Servicing
- The New Payday Loan RISE Credit: A Safe Short-Term Loan Option Or A Payday Wolf In Rocky’s Sweatshirt?