Thoughts on the bailout plan

Heritage Foundation has a Webmemo on the federal plans to bail out the mortgage market, along with a list of recommendations.

You can get the legislation from the New York Times (which doesnt’t seem to follow Heritage’s suggestions). John Lott points to a couple of key passages:

“Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by
any court of law or any administrative agency.”

“The Secretary’s authority to purchase mortgage-related assets under this
Act shall be limited to $700,000,000,000 outstanding at any one time.”