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You're right about people having to qualify. If they don't, then neither FHA nor Fannie Mae is going to be involved
It's an interesting coincidence that in GHW Bush's 4 years, we were mostly in recession and the S&L crisis cost the govt. about $175B in the bailout. Now we have GW Bush and it's the banks in crisis.
The S&L bailout was a pretty big deal and was constantly talked about when people were making a big deal about the deficits we were running back then (the bailout payments ballooned the deficit amounts).
15 years later, the only stimulus package we have seen so far is the govt. sending out these rebate checks and a tax break on depreciation for companies. That's good for about $150B in total stimulus. We may see the govt. have to bail out the banks.
It's an interesting coincidence that in GHW Bush's 4 years, we were mostly in recession and the S&L crisis cost the govt. about $175B in the bailout. Now we have GW Bush and it's the banks in crisis.
The S&L bailout was a pretty big deal and was constantly talked about when people were making a big deal about the deficits we were running back then (the bailout payments ballooned the deficit amounts).
15 years later, the only stimulus package we have seen so far is the govt. sending out these rebate checks and a tax break on depreciation for companies. That's good for about $150B in total stimulus. We may see the govt. have to bail out the banks.
