An Accord Of Skepticism
Bank Lawyer’s Blog:
It may be time to pull out the figure skates and do a "Hamill camel" in Hell: the editorial boards of The Washington Post and The Wall Street Journal agree on legislative policy. Well, not really, but at least they both agree that one piece of legislation is a piece of trash.
A couple of months ago, The Wall Street Journal ran an editorial (discussed here) that flayed Barney Frank’s mortgagor/mortgagee bailout proposal. A couple of weeks ago a hole was rent in the fabric of the universe when the Wapo ran its own smack-down of the same legislation in the form of an editorial entitled "Holes in the Roof."
The WSJ objected strenuously that the risk of further housing price declines is being shifted to the American taxpayer and that borrowers who are in many cases hardly "victims" of anything other than their own greed and/or poor judgment are being bailed out instead…