More on mortgage meltdowns

By Libby

Forbes Magazine weighs in on the subprime crisis and comes up with this startling revelation on the Bush bail-out plan.

According to analysis by Barclays Capital, the "freezer-teaser" plan applies to just 240,000 subprime loans. The Mortgage Bankers Association reports the number of subprime adjustable rate mortgages at 2.9 million.

Cripes. Even if could work, with those kind of numbers it's difficult to imagine how it could even make a dent in the problem. The article goes on to give a detailed breakdown that only economists and other number crunchers could love, but the bottom line is this.

In other words, this plan could make the whole situation worse, not better.

Sounds like politics and policy as usual for this failed administration. Just throw a bunch of stinky stuff against the wall and see what sticks. [h/t David D]