Credit woes: More than home loans > General

10/03/2008 9:29 AM	Alert
As Prof. Roubini warned, it's all the toxic debt, not just mortgages. -------------- Credit woes: More than home loans $700 billion bailout will let Treasury buy securities backed by credit cards and car loans. Delinquencies rising. By Tami Luhby, CNNMoney.com senior writer October 3, 2008: 7:54 AM ET NEW YORK (CNNMoney.com) -- Mortgages aren't the only loans in line for a government bailout. Though all eyes have been focused on faltering mortgage-backed securities, the Treasury Department last month amended its original $700 billion bailout plan to buy up a wider range of troubled assets after heavy lobbying by financial industry groups. http://money.cnn.com/2008/10/03/news/economy/credit_cards/index.htm?postversion=2008100307

cabbie
Posts:58

10/03/2008 10:08 AM	Alert
Is this bailout a double whammy or what? What about the credit card debt that folks incurred while decorating the houses they really couldn't afford? Recall the adjustable APRs, the late fees, the balance transfer fees....Kevin Trudeau's whole kick about credit card companies... are they investments banks as well?? Does foreclosing on a house give this group a free ride for any other debt payback?...I guess filing bankruptcy means it all gets wiped.....

cabbie
Posts:58

10/03/2008 1:45 PM	Alert
Speaking of Kevin Trudeau...think he can peddle a book for this one??

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