George W. Bush's Mortgage Proposals?

December 10-2007:

The Truth About George W. Bush's Proposed Mortgage Bailout Proposals:

WORD-UP:

George W. Bush's Foreclosure bailout will not apply to most borrowers who are unable to, or will be unable to pay the increased or accumulated interests on their house mortgage in the future.

For example:

* If you do not have a job or is un-employed currently. This plan is not for you.

* If you did not read the terms or conditions of your mortgage carefully, and did not realize that your creditor has the right to increase your rate of interest, if you fail to pay the prescribed rates as per contract, and you will be unable to pay those rates in the future. Then this plan does not apply to you.

* And if you are unable to pay any increase in your current accrued mortgage rates, then this make you in-eligible for George Bush's proposed bailout assistance.

CONCLUSION:

As I see it, this proposal will only help the upper middle classes, and those in the higher income brackets.

Derryck.
NYC.