He needs to make these mortgages fixed rate in order to avoid millions of impending foreclosures. If he doesn't then the U.S. housing market will NOT STABILIZE UNTIL 2012 at the earliest, which would guaranty a repeat of the 1930's. You can call it "another move to socialism" but I don't give a f**k...we can't have another +2 million Americans lose their homes to poorly designed pay option mortgages, just because we want to preserve the illusion of free markets (an illusion which disappeared long ago).
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Maybe they should let them all re-finance at low interest rates. They have to do something with all that cash they are printing at the Fed.
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