So this $700 billion dollar bailout that is currently being debated in Congress... What? Debated? How is this plan even given the justification of being debated! Shelve it! And amazingly enough, it appears to be something that most Americans you meet on the street agree with. No corporate bailouts!
I had an idea a few weeks ago and then recently I've heard financial analysts discussing. If we're going to spend the money, come up with a program that allows owner-occupants who are in danger of losing their homes to refinance into a mortgage that they can afford the monthly payments. Lower the interest rate, extend the length of the mortgage. Whatever necessary to allow people to keep their homes. This serves several purposes:
1. Potential foreclosures will go down.
2. Debts will not be defaulted, and payments will be made.
3. Fewer homes will fall into disrepair and neglect because people live there, helping to maintain property values.
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