Michigan Senator says bailout bill too costly; supports a plan similar to Dan Gilbert’s homeowner rescue proposal
Sen. Debbie Stabenow, D-Mich, told the Associated Press on Wednesday that Congress’ $700 billion attempted bailout of the banking industry was “too expensive” and didn’t address the core issues underneath the current financial crisis: the housing market and jobs.
Stabenow told the AP that she favored a less expensive solution that does a better job of directly addressing the housing crisis and said she found Dan Gilbert’s more focused and less-expensive plan “very persuasive.”
You can read the entire article in Forbes here.
One Comment
It’s comes as no surprise that reviving the housing market is vital to the economic growth and recovery of our country. I am surprised that none of these so-called-experts have done anything to come up with a plan that will actually help the home owners stay in their homes. Or if they have, no one has heard of it. If the government really wants to help the people and help the economy, they need to come up with a deferred payment plan for these people who have lost their jobs. People are being forced into foreclosures and bankruptcy through no fault of their own. I don’t understand why banks and mortgage companies are forcing people out of their homes? Forcing people out of their homes doesn’t help anyone. Not the banks or the people. And - certainly not the economy. Do they not realize that when homes are placed in foreclosures that neighborhoods go down and property values are lost?
My “Bail out Plan” for the people (not Wall Street) is simple. If you have lost your job due to layoff, then you should be able to qualify for a deferred payment plan; just the same as you would qualify for unemployment. This may mean that your 30 year mortgage may turn into a 31 year mortgage, but at least you would be able to keep your home and not be forced out. Most homeowners value their homes and they want to protect their investments just as much as the mortgage companies do. If they didn’t they would have never bought a home in the first place.
There would have to be guidelines in order for homeowners to qualify for a deferred payment plan. Homeowners would still be responsible for the up keep, maintenance and insurance on their homes. Homeowners would be required to seek employment. Once the homeowners obtained employment, the mortgage companies would be required to reevaluate the homeowners and work with them to come up with a payment plan that would be affordable based on their monthly income. After all, wasn’t that what they were supposed to do in the first place? There may need to be time restrictions for being on a deferred payment plan. The deferred payment plan should not an incentive for people to stay at home, draw unemployment and go on welfare. It would need to be designed to help the people get immediate relief in a time of crises. Bail out the people!
Sue Evans
Memphis, TN.
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Pepper (1 comments) Reply:
October 12th, 2008 at 11:24 pm
You haven’t heard anyone come up with a solution because the Wall Street boys do not want a solution… If you noticed the G7 met over the past couple of days and they plan on “globalizing” the financial markets to solve the problem.
The problem is not the housing market, as the defaults are way lower than the real problem, but I won’t go into it here, because both problems were caused to achieve an agenda…. and here it is. Notice its bankers and corporations that the CFR wants governing a global order…. loss of sovereignty and no say anywhere in the world by any of the people. In the meantime, while they are completing their controlled demolition of our economy, they are extracting trillions of dollars of our wealth for just the top 1%. The Wall STreet bankers are the problem. Its criminal and treason.
They couldn’t care less about your housing problems….
Read this and see what I mean.
http://www.cfr.org/publication/9903/sovereigntyandglobalisation.html
Your about to lose your country, probably within the next 6 months… Its now important to educate yourself to what is really going on.
“The ignorance of one voter in a democracy impairs the security of all.” John F. Kennedy
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