More than a quick fix is needed

President George W. Bush’s band-aid fix for the home mortgage crisis isn’t fooling many people and critics are quick to point out his “deal” with lenders to freeze rates for sub-prime lenders in trouble is too little, too late.

The plan would not help the millions of Americans currently behind in their mortgages nor will it aid others headed for trouble.

Quick fixes seldom work in the long run and Bush’s quick fix may not even provide relief in the short term.

No quick fix for subprime mortgages

Housing and Urban Development Secretary Alphonso Jackson, right, accompanied by Treasury Secretary Henry Paulson, speaks at a news conference on mortgages, Thursday, Dec. 6, 2007, at the Treasury Department in Washington.  (AP Photo/Kevin Wolf)AP – Be ready to wait if you want to get information from a toll-free hot line about freezing the interest rate on your subprime mortgage.

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