Quote:
Originally Posted by atprm
email==
This Resurgence Plan would purchase mortgages directly from homeowners and mortgage servicers, and replace them with manageable, fixed-rate mortgages that will keep families in their homes.
By purchasing the existing, failing mortgages the resurgence plan will eliminate uncertainty over defaults, support the value of mortgage-backed derivatives and alleviate risks that are freezing financial markets.
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And this my friends, is a bunch of BS. We are already paying out $700 billion dollars PLUS all the money on the PORK that was attached to the bailout bill. Why the hell should we pay out MORE money to help these stupid people? Oh yeah, lets pay off their over priced mortgages and let them refinance for its present value. So, if Joe Bloe has a 2.5 million dollar mortgage, but his property is only now valued at 1 million, who is paying the other 1.5 million? You got it!! The American tax payer.