Is Annie Leibovitz Going To Get Mortgage Help?

[BPSCG]

Link

Photographer Annie Leibovitz has borrowed £10 million against some of her most famous pictures to pay the mortgages on all her homes.

The artist, 59, has become so concerned with her mounting debt, accumulated on properties she inherited in 2004 after the death of her lover Susan Sontag, she has turned to a company that lends money with fine art as collateral.

Documents seen by the New York Times reveal she secured the funds by giving the company, art Capital, ownership of all her work - past and future - until the loan is repaid.

Looks like she probably won't:

Second, we have launched a housing plan that will help responsible families facing the threat of foreclosure lower their monthly payments and re-finance their mortgages. It's a plan that won't help speculators or that neighbor down the street who bought a house he could never hope to afford, but it will help millions of Americans who are struggling with declining home values - Americans who will now be able to take advantage of the lower interest rates that this plan has already helped bring about.

ETA: On the other hand, maybe she will:

If the administration has come up with a way to ensure money only goes to those who got in honest trouble, it hasn't said so.
Defending the program Tuesday at a Senate hearing, Federal Reserve Chairman Ben Bernanke said it's important to save those who made bad calls, for the greater good. He likened it to calling the fire department to put out a blaze caused by someone smoking in bed.

"I think the smart way to deal with a situation like that is to put out the fire, save him from his own consequences of his own action but then, going forward, enact penalties and set tougher rules about smoking in bed."

Similarly, the head of the Federal Deposit Insurance Corp. suggested this month it's not likely aid will be denied to all homeowners who overstated their income or assets to get a mortgage they couldn't afford.

"I think it's just simply impractical to try to do a forensic analysis of each and every one of these delinquent loans," Sheila Bair told National Public Radio.

 

[rwguinn]

Politics 101:
1. Are they elected officials, or appointed by elected officials?
2. Are their mouths open?
if (1 OR 2) then they are prevaricating