If you can give billions to greedy Wall Street speculators, why not billions for down-on-their-luck- homeowners?Officials at the Federal Deposit Insurance Corp. yesterday detailed a plan to prevent 1.5 million foreclosures in the next year by offering financial incentives to companies that agree to sharply reduce monthly payments on mortgage loans. The proposal, which has the support of leading congressional Democrats, would considerably expand the scope and force of the government's efforts to stem foreclosures. Agency officials estimated the cost to the government at $24.4 billion. FDIC Chairman Sheila C. Bair continues to face opposition within the Bush administration. Treasury Secretary Henry M. Paulson Jr. said Wednesday that he opposed funding the plan from the government's $700 billion financial rescue fund, which has been used primarily to rescue banks and encourage lending. FDIC officials say they are still in talks with the Treasury, but proponents increasingly view the Bush...(Read Full Post)