Bailout Plan Modifications

[genrlj1596]

[JRScott]

Well honestly I doubt many will get the help they hoped for.

The problem is government oversight, the same people that you know oversee social security that they know doesn't have the funds to continue in the future without reforms yet they ignore it.

I suspect the ability to get a modification on your loan will be so wrapped up in bureaucratic tape that it will make it very hard for poor and middle income Americans to actually use it.

[JRScott]

This is the part I find most scary:

4 (b) MEMBERSHIP.—The Financial Stability Over5
sight Board shall be comprised of—
6 (1) the Chairman of the Board of Governors of
7 the Federal Reserve System;
8 (2) the Secretary;
9 (3) the Director of the Federal Home Finance
10 Agency;
11 (4) the chairman of the Securities and Ex12
change Commission; amd
13 (5) the Secretary of Housing and Urban Devel14
opment.
15 (c) CHAIRPERSON.—The chairperson of the Financial
16 Stability Oversight Board shall be elected by the members
17 of the Board from among the members.


Aren't these the folks that led us to this crisis? Now we are suppose to believe they can adequately oversee the administration of the bailout? Talk about corruption.

[genrlj1596]

I think any help would probably be better than these lenders who are not really cooperating.