The subprime mortgage problem is spiraling out of control, but the White House has declined to discuss possible steps toward alleviating the problem, or possible plans to make deals with lenders to freeze the interest rates on some loans.
WASHINGTON (Reuters) – The White House on Friday said it was “premature” to discuss possible new steps to address the mortgage crisis and declined to comment on reports that officials are working on a deal with lenders to freeze interest rates on some loans.
“It’s premature to talk about those discussions at this point,” White House spokesman Scott Stanzel told reporters, when pressed on whether the administration is working on a new initiative regarding the mortgage market.
Stanzel said that administration officials “certainly have been working in close consultation with the private sector and with the industry to look at ways in which we can help people keep their homes.” (Emphasis added)
Uh huh, the White House is
in cahoots working with the “private sector” and with the “industry” for solutions. Aren’t these the same entities making massive profit from subprime loans?
I won’t hold my breath…