Stocks welcomed a joint effort by the Federal Reserve and the White House to reassure on the credit front. Analysts offered more qualified support to a promise by President Bush to help struggling homeowners refinance their mortgages.
“It’s very light on detail and limited in scope,” said Jeff Schappe, chief investment officer 
Axel Merk, a portfolio manager at the Merk Hard Currency Fund, concluded what Bush’s plan “will do is make poor homeowners slaves of their homes. .. The terms of the loan will require that you basically never pay down your loan. Unless they are bailed out by higher home prices, they are becoming prisoners of their homes.”
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How does this affect the Forex market? Speaking of, does anyone know of a French Forex site besides http://www.forex.fr that offers streaming rates?
My cousin lives there and asked.
- Posted by davidIt is good to note that not all subprime loans are contributors to this mess. I believe that subprime lending is a lot like Jessica Rabbit…not bad, just drawn that way. There are companies, like Ocean Capital in Rhode Island, that make financing available for sole proprietor businesses that would not be able to secure financing in the traditional marketplace. We’ve all got to start somewhere and oftentimes a stated income loan is the only means to start one’s business.
- Posted by marianne