Dodd to "Rescue" Mortgage-Holders, $1.64BN

Senator Chris Dodd (D-Conn) says he's going to "rescue" mortgage-holders.

Congress might step in to protect the country's 2.2 million subprime mortgage holders, said Christopher Dodd (D-Conn.), chairman of the Senate Banking Committee. He suggested laws might be needed to give them a chance to regain financial balance.

Peculiar way to phrase what he's really doing: the proposal is to shove $1.64 Billion in tax dollars into certain mortgage-banking firms.

This is not "to rescue" the home-buyers. It's "to rescue" the lender syndicates.

HT for Mish's column to Random10