I'm glad you asked.

Link

There were many bad deals done in terms of buyers & terms. Many of these need to work through the system to flush out the illness...

It was all based on a housing bubble - that bursts.

The way out is better lending practices and a national discourse on savings.

Kind of hard when the president insist upon putting us into debt.

Glad you posted the news, but I'm glad someone else is paying attention. Here is part of a column published by the Philadelphia Inquirer which help explains why the Dodd-Frank bill is needed.

What can we do about this profound set of problems? At the federal level, legislation is in the works to provide money for counseling; to rework mortgages to make them more affordable; and to strengthen oversight of mortgage brokers. The Treasury Department has put together an alliance of servicers, bankers, and nonprofit organizations to try to work out some solutions on a voluntary basis. It is too soon to judge whether these measures will work, but the early signals are that these voluntary agreements are having very limited effects.

Legislation also has been introduced by Rep. Barney Frank (D., Mass.) and Sen. Christopher Dodd (D., Conn.) to guarantee and refinance loans that have been written down by lenders. The bill would try to refinance two million at-risk borrowers. These measures would also punish the scammers who perpetrated these mortgage schemes. This is a good approach, but it faces a veto by President Bush. It is too soon to judge whether these measures would work.

It is vital for public officials, community groups and mortgage companies to work together to identify owners with mortgage trouble and help them get through this quagmire before it is too late. Broad-based task forces of housing officials and community organizations are hard at work in San Diego, Newark, N.J., and elsewhere to come up with local fixes. In Philadelphia, the City Council has mandated a temporary delay in foreclosures. Also, a coalition of judges, housing counselors, and housing lawyers have put together a plan to ward off foreclosures by requiring mediation and delaying foreclosures for owner-occupied homes.

What is next for the region? If housing prices continue to fall, as many predict, the problem will get worse. Far worse. We need strong policies, or the specter of empty homes and lost tax revenues will spread even further.

Norman J. Glickman
Link

President is speaking now -- how depressing -- if we only passed ANWR gas prices would be lower!!!!
Gist of Bush's statement is that we have to destroy the environment to save the economy! He is becoming a minority in his own party with the rise of green Republicans.

President failed to endorse Dodd-Frank.

President is now taking questions. Asked question about [McCain's] summer gas tax moratorium he bloviates about ANWR again...

Jim Callahan
Orlando, FL