Elmer Whittaker 03/03/2011At the end of the Bush Administration and the beginning of the Obama Administration the Bankers Bail Out was priority number one. Although I was still engaged in the stock market by then I naively thought that the government was planning to buy up mortgages from homeowners who were behind in payment, defaulted or were about to be foreclosed, just to make it more affordable for the homeowners to pay their mortgages maybe even to a discounted price directly to the government.
This of course would have saved hundreds of thousands or even millions of home owners not to lose their house and be foreclosed. At the same time the Banks would have been repaid the mortgages standing out. The government probably wouldn’t even have to pay as much as they gave the Banks in the Bail Out without causing the loss of so many homes.
This simple idea that many others had besides me however, was never really considered by the Obama or Bush Administration. At least not to my knowledge.
Imagine our economy now if this would have been done.
I wonder if anyone could think of a legitimate reason, why this was not done, aside from robbing the tax payers?
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