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The only way any of it would make sense would be that each 'at risk' mortgage was re-evaluated.. that an assessor would go to the house and give a "true value" to it.. not the inflated value of 2-3 years ago, then the banks would adjust accordingly. So if some fool making 65K per year bought a 500K house which at true market value would be worth 280K, then the banks would assess it at 280K, give a mortgage based on that @ whatever rate the "powers" that be come up with. I've never gotten over the fact that workers at $10-12.00/per hour thought they could actually afford a 1/2 million dollar house. Too bad if they lose their equity.. that's the price for being sooo stupid.
It's not going to do much good to just "throw" money at the existing problem. I also don't like the fact that Paulson et.al. at the Treasury would not be accountable for the billions. When the president 1st announced it, i swear I could see the Puppetmaster (cheney) holding his strings ..so they could have a grand send off with gold falling out of their pockets. I was NEVER ever a conspiracy theorist prior to Bush/Cheney..always my country..right or wrong.
With WAMU going under last night, can Wells Fargo, Citibank etc be far behind???
True Republicans believe in a market based economy, supply and demand and capitalism. less government, more states rights. Government bail out is the last thing they would want which just reinforces my long held belief that Bush/Cheney are impostors. Fake Republicans.
Something has to be done, but throwing 700 Billion dollars at the same people who caused this, might not be the answer.
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