45,000 homeowners seek foreclosure aid

Nation: I say to those 45,000 homeowners, read your contracts, don't take out adjustable-rate loans and having your fellow taxpayers bail your sorry asses out.

In a speech in New York, Paulson said the Treasury-backed plan to prevent subprime foreclosures has now been joined by firms representing 90% of the subprime market. Within a few weeks, the industry will begin "fast-tracking" some qualified borrowers into new, affordable loans, Paulson said. The effort could be extended to other adjustable-rate loans, not just subprime loans, Paulson suggested. "A housing correction was inevitable and necessary," Paulson said. In brief remarks on the economy, Paulson said he expected it to "continue to grow." "Our economy remains resilient," he said. Paulson repeated his call for Congress to pass legislation to allow the Federal Housing Administration and the government-sponsored entities of Fannie Mae and Freddie Mac to handle more loans.

NO! Do not extend it to even more ARLs. That is just enabling stupid people the next time around.