On the surface it appears easy. However, there are two main problems. The first one is that many of these subprime loans have been packaged into financial derivitives. The second problem is that our government would have to separate which loan holders actually qualify for a fixed loan on their house and which loan holders should be allowed to default because they either don't have a job, credit or any reason to grant a loan in the first place.
However, if all the Government does is to find out who actually qualifies for a fixed rate loan of those who want one in regard to refinancing their home loans, it would be an actual beginning to solving this nations problems. Only by going from the source of the problem up will the United States become financially solvent as a nation again and get our property values to go up again.
The alternative is to let this go on until property in the United States is worth nothing.
The problem is that even though the suprime started all this, as it unravels people with good credit and good jobs lose their credit and their jobs and homes as more and more people go into default and bankruptcy. There is simply no way to stop all this other than refinancing the homes of those who still have jobs and credit. The alternative is simply the end (at least for now of the United States).
Pumping 700 billion or even a trillion does not solve the basic problem. Until the problem is solved at a grass roots level it will end the United States from Bankruptcy, foreclosure and the end of our economy. It your choice. It's all of our choice worldwide.
Either we fix it at the average homeowner or our nation is over.
700 billioin or even a trillion at a corporate level just isn't going to do it!!!
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