Readers speak out on Bush mortgage plan

Msnbc.com readers reacted vociferously to a Bush administration plan, announced Thursday, that would freeze interest rates for some mortgage borrowers in an effort to prevent a wave of foreclosures.

Even though few details have been disclosed, most readers said the plan was unfair and rewarded consumers who had made poor financial decisions.

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Critics of Bush plan say it bails out lenders

WASHINGTON - By prodding the mortgage industry to help troubled borrowers, the Bush administration’s response to the housing crisis has reshuffled the likely winners and losers — except no one can agree on who they are.

The mortgage industry and government officials who took part in crafting the plan are united in saying it’s the borrowers who benefit. Meanwhile, consumer groups and Democrats say it’s industry that was really bailed out.

If fully implemented, some mortgage lenders and a portion of borrowers with poor credit could see their financial situations stabilized, while investors around the world who bought securities backed by U.S. mortgage loans could see lower profits.

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Fed to flex its mortgage-relief muscle

WASHINGTON - The Federal Reserve is finalizing a far-reaching mortgage proposal that would ban certain lending practices and apply to the lightly regulated subprime mortgage specialists that proliferated during the recent housing boom.

The proposal, expected in two weeks, is emerging as the most muscular use of regulatory power at the central bank since Fed Chairman Ben Bernanke took office in early 2006.

It is expected to target certain prepayment penalties as well as loans that don't escrow taxes and insurance. The plan also targets low-documentation loans and loans that are made regardless of a borrower's ability to make payments, Fed officials have said.

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Bush unveils plan to help subprime borrowers

WASHINGTON - Hundreds of thousands of strapped homeowners could get some relief from a plan negotiated by the Bush administration to freeze interest rates on subprime mortgages that are scheduled to rise in the coming months.

“There is no perfect solution,” President Bush said Thursday as he announced an agreement hammered out with the mortgage industry. “The homeowners deserve our help. The steps I’ve outlined today are a sensible response to a serious challenge.”

Bush has been accused of moving too slowly to address a crisis that has spread to the broader financial market. But he also was careful not to sound as if he were imposing a government solution and violating his free-market principles. He billed his plan as a voluntary, private-sector arrangement that involves no government money.

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Bank of America closing money-market fund

CHARLOTTE, N.C. - Bank of America Corp. is liquidating a privately placed, enhanced institutional cash fund amid withering losses on complex asset-backed securities, the bank said Monday.

The Columbia Strategic Cash Portfolio fund for institutional investors that was worth $34 billion on Nov. 30, currently has about $12 billion in assets, the Charlotte-based bank said. The fund will be closed off to new investors, it added.

The loss is related to the subprime-mortgage crisis that has rippled across the globe, Goldstein said.

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