Well, once again Main Street is being asked to bail out Wall Street.
In the last two weeks our government has committed the American Taxpayer to TWO TRILLION DOLLARS of Wall Street bailouts....
But nothing was proposed for the bailout of the families who are losing their homes....just for the people that financed the purchase of these homes. No matter what you think it takes two parties to sign a subprime mortgage; one to buy the home and one to finance the the purchase of the home. Now the people who finaced the purchase do want the home and they are willing to sell the home to our government at a steep discount.
Why not make them offer the steep discount to the family that they originally financed the home for? Since they are willing to lose money why not take the loss with the family that is living in the home, maintaining the home, and that are part of the community. What good does a vacant home do anybody?
So the government will buy all these homes from financial institutions and eventually then the government will become a huge real estate firm....
Are they going to offer these homes for sale to families? Are they going to offer these homes for sale to large financial institutions that will buy blocks of them at a greatly reduced price?
Most likely they will sell blocks of these homes to real estate developers and financial institutions; or the same people who made money off the subprime mortgage the first time around....
Think about it....