For the second straight day all three networks examined the plan to help foreclosurebound homeowners with subprime mortgages avoid eviction. Yesterday the outlines of the Teaser Freezer plan were mapped out; now President George Bush makes the official announcement of a scheme that seeks to save 1.2m homes. CBS assigned White House correspondent Jim Axelrod to cover the "pressure from Wall Street and Main Street" on the President. Axelrod reckoned the plan would have "limited impact" since a further 2.5m delinquent owners will be ineligible. ABC had its economics correspondent Betsy Stark (no link) look at the scheme. She cited criticism that it "unfairly favors those who have managed their finances poorly over those who have struggled to manage them well." On NBC, Carl Quintanilla of CNBC, the networks sibling financial news channel, acknowledged the same criticism, but asked us to "look at where housing is the absolute worst"--Mich, Fla, Cal, Nev, Ohio--for an explanation: "states with a lot of electoral votes in next year's election."
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