Several CL&P bloggers have been posting about the deal between the White House and major mortgage lenders and servicers that purports to provide some relief to some homeowners facing foreclosure in the subprime mortgage meltdown. If you are following the issue, you should check out the following:
First, how about reading the the actual deal?! As you will see, it's long and complex -- the executive summary is itself 5 dense pages long.
Second, check out three posts over at Credit Slips, where Elizabeth Warren and Bob Lawless argue that the deal is essentially worthless: Slick Deal On Subprimes; Show Us The Fine Print!; The Sandbag Plan! In the latter, Prof. Warren maintains that the deal may be worse than nothing at all because it is part of a political calculus designed to beat back bankruptcy legislation that would provide meaningful relief to homeowners.
Third, and finally, as you may have heard, President Bush caused chaos when, at his press conference announcing the agreement, he gave out the wrong toll-free number for homeowners who might benefit from the deal. See reports here, here, and here. Watch the President give out the wrong number below.
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