Maybe I'm naive, but wouldn't it be a lot cheaper to review every customer of Freddie Mac and Frannie Mae and whichever other bank or company the Feds plan to bail out, simply get a list of all the customers who still owe, pay 20% of the mortgages still owed by people, and 10% of the mortgages still owed by businesses, and of those in ARMs or with fixed-rates above 7%, they refinance them for free? I think that would take less than half of the proposed $700 billion bailout, and it would be the people, the bottom-line people helped most, rather than letting Congress skate out of its own neglect and corruption and increasing their power. It would drastically reduce foreclosures and bankruptcies, and meanwhile they can still get rid of some of their laws that were forcing institutions like Freddie & Fannie to take on high-risk sub-prime loans.
I have a hard time seeing why, if they're going to dramatically increase the national debt again, why they're not giving it back to the people that are hurting. Call it trickle-up economics.
While we're at it, make it illegal to charge anyone any interest above 15% for anything. Credit card companies and payday loan companies are immoral in this regard, and if you did that, there'd be a lot less mass mailings offering million of dollars in credit to Current Resident.
1 comment:
I'm with you.
Or, we can let the people who are struggling every day to make their bills fork over themoney they need for milk and gas to help some of the richest people in the world.
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