It's high time that our "Do Nothing Congress" which took a five week vacation take some real action on other issues that are weighing our economy down and hurting every American.  What is now the Energy Crisis now suddenly on the back burner?  When is our Illegal Alien problem going to be taken care of? These are the real things hurting the American people.  Stop the illegal aliens from using our hospital emergency rooms as their primary care facility. The 700 Billion Dollar bailout will only help big financial institutions and their CEO's get richer for their mistakes of poor lending practices.  Why should the American taxpayer finance their mistakes.  Why did the people in Government who were in charge of watching the store not warn us a long time ago?

I've got an idea. Pass a bill that makes it mandatory that all mortgage lenders reset all primary residence mortgages to 7% 30 yr. fixed mortgages on the remaining balance of the mortgage if the existing ARM is higher or will reset higher than 7% in the next 36 months. My belief is that this will keep the majority of homeowners in their homes, will still allow lenders to make a profit, the real estate market will stabilize, and our jobless rate wil stabilize equally. If the government allows the lenders to put any losses from this passing of this bill off of their balance sheets it should increase their, and our country's rating and restore consumer and global confidence. New home buyers would jump into the market because with their A paper credit they can get mortgages for 5.6% - 6% with the confidence that the market has bottomed out. Yes, people would still owe more than their house is worth, but they would be able to afford the payments and also be paying down the principle.

Is this a crazy idea, or could it work?

what we need to do is to let the banks and those in the industry know that they have to bring the rate to a manageble level . it does not need thousand of people  tomanage this. It  should be done by the people who were doing it before. i say 3.50 to 4 % would be good  rate. giving the banks and other  some profit

Why are we saving the banks from credit issues and homeowners who made bad decisions taking on huge home loans with no money. I am applaud at this decision as an american citizen who had to wait 15 years before obtaining a home loan again due to being out of work because of back problems on disability. I went back work after surgery (two years) and put four kids in college and we are finally getting back to being home owners by ourselves without help. This is our american dream and sacifice!

From: www.msnbc.msn.com/.../26868067

The administration’s plan would allow the government to buy bad mortgages and other rotten assets held by troubled banks and financial institutions. Getting those debts off their books should bolster those companies’ balance sheets, making them more inclined to lend and easing one of the biggest choke points in the credit crisis. If the plan works, it should help lift a major weight off a national economy already crumbling under the burden of instability.

Sounds all well and good, but it does not address the issue that with home values so low, there is a very small percentage of the public that would qualify for refi loans, and definitely not those who need to refi to keep their homes. And it gives incentive to those that can qualify  for new home mortgages to wait and let the market sink further waiting for a bargain.

If we stop the foreclosures and short-sales then the market recovers, until then there is no bottom in sight.

Good for you American Dream. I applaud your perseverance and financial sensibility. But, the current situation hurts even responsible borrowers or those who own their properties outright. I'm sure you must hate seeing the value of your home decrease, you can borrow less against it should an emergency arise.

If, as they say, this bailout is going to cost ALL of us $3,000.00 and the idea is to get money into the system.. hold your breath while the BIG BOYS slip off with the money never to be heard of again.

BETTER IDEA-

Give the $3000.00 to the people that are going to have to pay it back.

700 billion right into the ecomeny.

Note: 700 Billion tranlates to 700 THOUSAND MILLIONS!!!!!

They must thing we have ALL lost our minds.

Congress continue's business as usaul, create diversions , half truths, and avoid the facts at all cost. That way the true crimes and their perpetrators can move on to their next scam, without accountability for anything. Why aren't the people truly responsible for this situation being held accountable.Instead of Mr.Cox,

Christopher Dodd, Nancy Pelosi, and numerous other parties form the other side of the aisle also complaining about transparency. Perhaps they should come clean on the enormus amounts of political funding the accepted to turn their heads away from Freddie, Fannie, Merril Lynch and others. Knowing fully well their actions

had a high probablilty of ending this way. It's time for the American taxpayer's to become something more than a bunch of complacent, apatheic sheep. Learn about your government and become part of the solution. Not part of the problem by continuing to vote the incumbant criminals we call carrer politicians back into office, until they control every dime you make.

"Sounds all well and good, but it does not address the issue that with home values so low, there is a very small percentage of the public that would qualify for refi loans, and definitely not those who need to refi to keep their homes. And it gives incentive to those that can qualify  for new home mortgages to wait and let the market sink further waiting for a bargain."

The refinance issue, at least in my region, is that you can't refinance with the lowered value of the property, rates are higher than when most of these loans were written, and standards have tightened to much more rational terms.  Buyers are finding deals, but there are still fewer buyers than sellers, and the gap between median prices and median incomes remains too large.

These factors will continue to hurt housing and prevent banks from loosening the strings.  In turn it will continue to hurt Wall St even post bail out.  

The renegotiating rates to the 4 - 5% fixed range would help bridge the gap, but it would also mean the government insuring that loss on the pools rather than buying up bad mortgages.

well, i don't know a whole lot about how this works but i have to pay my mortgage payment on time even if that means i have to pick up extra shifts. i also have 4 kids that i will be having to put through college in the near future. i say that the government needs to take some of that 700 billion and give to the working citizens.