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The primary beneficiary will be the lenders and investors. As I understand it, the proposal would exclude many sub-prime borrowers, including those already delinquent on their payments, those whose introductory rate expires before the end of the year, and those borrowers whom mortgage companies conclude (by whatever criteria they choose) are making enough money to afford higher payments.
The Bush/Paulson proposal is hardly a socialist response or a government (taxpayer) bail out.
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"The perfect is the enemy of the good."
~ Voltaire
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