Senate advances mortgage aid bill

The Congress in its usual pandering unfocused way, attempted to cobble together a bailout for those folks suffering from the sub-prime and introductory rate mortgages. It hasn't happened. The target for all this largess is those folks who, acted hastily, committed fraud, did not ask basic questions, or were not content with buying something within their means, or not buying at all. Who else would or could Congress help? How about Congress helping those individuals and institutions who followed the rules? ....... What our Congress does not understand is that too many parties may have a piece of this non-performing loan. Yet even more and different institutions may be financially liable for losses to varying degrees, may derive servicing income from these loans, or may have insured the "securitized" asset. This is too complicated for the likes of the folks in Congress, or for that matter anyone else and thus too many cooks are allowing the decline in property values to continue to plunge and to become runaway housing deflation, with no effective solutions on the horizon. This is very bad for two reasons. Read the whole piece at: http://brokengovernment.wordpress.com/2008/06/30/why-isnt-the-housing-bailout-effort-working/