Please can the punditosphere stop referring to the mortgage-freeze plan as
a "bailout"? As Edmund
Andrews says in his first sentence on the front page of the NYT today, it
isn’t. The FHA’s FHASecure
plan, which has existed for ages, might conceivably be considered a bailout.
This one involves no government money or government guarantees, and there’s
no transfer of funds from the taxpayer to anybody at all. So it’s not a bailout.