"Sec. 8. Review.
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency." NY Times
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What is it about these Republicans that makes them think they can dictate to the Federal Courts and Congress? Is the passage in red not a challenge to the Supreme Court?
From other talk in the media it seems that it is at least being discussed that these defaulted mortgages shall be purchased by the federal government (us) by a process of "reverse auction" (???? say what?). This is reported to be a method by which the banks would sell to the federal government at the "lowest price that they are willing to accept?" That can't be right. Sort it out for us all someone.
It is being said by some that these mortgages that we will own shortly, might be worth a lot of money someday and thus the tax stiffs (us) might be repaid with interest? Does anyone understand how that would happen?
All in all this sounds like a scheme designed to save the hides of the semi-rich, and newly rich Yuppies on Wall Street, they who live by the lever. I speak not of the truly rich. They covered their asses against this possibility long ago.
What was it that Leona Helmsley said about the "little people?" That was before she took up her new vocation as a laundress. pl
http://www.nytimes.com/2008/09/21/business/21draftcnd.html?_r=1&ref=business&oref=slogin
