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russell lester

Orchardist, Grange

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To apply bailout money to morgages

What would the effect be if the us government instead of giving a bailout directly to the banks were to give the banks a payment of some percentage of the mortgages held by the banks? Wouldn't that give the banks the same money while at the same time reducing the burden of debt on individual us mortgage holders? If this idea has any merit, could it be applied now by insisting that any bailout money not repaid to the Us Government be applied to all the mortgages held by the bank equally? Granted this might end up being a small percentage, but any percentage would improve the situation for individual debtors. If this idea has no merit please explain why, and if it is meritorious what can be done to advance the idea?

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    Jan 15 2013: So the latest development I hear is that there is a lawsuit, where the banks are trying to sue the US government because the terms of the deal are unfair. Has anyone heard about this?
    • Jan 15 2013: Yes, it was on the Daily Show. The saddest thing is that you can be sure these people who are sueing that they didn't get enough free billions from the state are the same people who nodded in agreement when Mitt Romney said the non-rich have an entitlement mentality...

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