Diary

700B Bailout

Don’t bailout Wall street, help main street, let the plan be this, allow Home owners to refi up to 125% of the property at 6% interest rate with a new 50 year mortgage with no cash out , have Fannie & Freddie purchase the mortgages from the banks, this will add capital to the markets, roll the current late payments into the refi, this will stop the foreclosures also anyone in an adjustable rate mortgage can refi to a fixed rate at 6% , this will set their payments, and act like a stimulus package, example current mortgage of 300k at a 6% interest rate for 30 years has a payment of around 1700.00+ a month, if the same mortgage is changed to a 50 year mortgage @ 6% the payment goes to about 1500.00+ a month that is a savings of over 200.00+ per month. over 2400.00 a year no tax payer money to Wall Street!