Oops...
On Monday, September 22, I published a post that was an explanation of the proposed Treasury bailout and what it meant for mortgages. Obviously, that was speculation as to what the effects would be and now all those effects may be moot.
As of this hour, after meetings in Washington all day, the entire proposal may be in jeopardy as Congress has not agreed on the terms of this proposed "bail out".
In retrospect, this is might be a good thing, as one can ask the question, should we give the Secretary of the Treasury a $700 billion dollar blank check without seeing a plan as to how it will be spent?
Something does need, in my opinion, to be done to shore up our economy, but since we did not get in this predicament in one week, I think we can take a few days to ensure that this is done correctly.
I suspect we will only get once chance to get it right.
Stay tuned...