Elaborating colorfully on a point we’ve made before – It’s not ARMs that are the problem:
Freezing mortgage payments, as Henry Paulson’s goofy Project Life non-plan plan announced today does in some circumstances, is irrelevant, sort of like hoping that fixing your car’s broken window will cause the tires to re-inflate.
Paulson’s Lifeline Project: The Non-Plan Plan [Kedrosky]
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