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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Source: msnbc.msn.com