If you actually read the bailout bill sections 108-110, you will see that there isn't any real help to homeowners. There is suggestive language that doesn't mandate anything real to be done to stop foreclosures. Realizing this is a Republican administration who instinctively repudiates government intervention, it is not hard to imagine the Executive branch doing as little as legally possible.
Democrats should vote no on this bill and force strong language to help this nation's struggling homeowners. For example:
The government should offer every homeowner who has enough income to pay 75% of their mortgage and is facing foreclosure, the option to have their mortgage purchased by the government with the following consequences:
The government should "write down" the home loan to 75% and offer a 100% guarantee to any lender to offer a new loan.
Then the government will take a lien against all back monies owed, in addition to any "write down" amount, to be collected if/when the house is sold at a profit.
This would allow many responsible people to get on the right track, and would vindicate Democratic policy.
Craig Farmer
making the word "liberal" safe again!
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