The second presidential debate was held earlier this week.  The only thing I heard that was a real alarm was John McCain and the 300 Billion Dollar housing bailout plan.  I thought this is what the FHA Secure mortgage plan was to address.  It is already on the table.  I do not think at this point we need to be bailing out homeowners that cannot pay their mortgage and having the taxpayer absorb huge losses.  I not really interest in raising my taxes just to pay for someone elses mortgage.  Who is going to help the rest of us.

Do Not Bailout The Housing Market, Stimulate Business Instead

How about rewarding people for being responsible instead.  I have compassion for folks that are having a hard time paying their mortgage, I really do.  But the fact of the matter is that many of these people that bought these homes should not have been in the market for a home in the first place.  Bailing them out probably wont help much anyway.  No Income and stated income loan programs made it easy for almost anyone to buy a home unfortunately.  I think the money would be better spent on stimulating businesses to prosper.  This is where the real impact will be made for America.  Having a stable job market and  business environment will build consumer confidence thus start a rebound of the economy.  Right now we are in a market of no confidence and people are scared.

The laws of nature state that when you eat to much you get fat.  There is no magic skinny pill to make you skinny.  This is why it wont work.  Republicans and Democrats I invite you to contact your legislator and stop this insanity.  Lets get back to sound lending fundamentals and let the market do its work to sort itself out.  Spend the money on business incentives instead.

If you are having trouble with your mortgage call your bank or lender.  They are willing to work with you right now to get your mortgage manageable.  In most instances you can work out a forbearance agreement or eve new loan terms with a lower rate and principal balance.