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 Most of us had felt that the bailout plan was a shoe-in, a definite plan that would easily pass in this crazy financial market. I personally had doubts about the plan and how it would affect average-joe homeowners like me, and thought the plan needed to be about homeowners relief not bank relief. But the media acted all weekend like the plan was just getting fine-tuned and would be easily passed. The plan didn't pass, but I have a better plan that would help out everyone. The reason the bailout plan didn't pass? Lawmakers were getting hit with angry voters saying they wouldn't vote for them if they passed the bill. The voters said "it helps a few on wallstreet, but my mortgage will stay the same and why should I pay for a plan that doesn't help ME?" I have come out with my own bailout plan that helps Americans. Not rich people on wallstreet, or banks who bamboozled money out of people for the last few years with trick loans, but a plan for the average homeowner. And it's simple: Give homeowners the option to call their bank and request that their interest rate be frozen, permamentaly. For example, If you have an adjustable rate mortgage that is set to start climbing in interest soon, if you call and request that your rate be frozen at the rate you got when you first signed up for the mortgage, then the banks by law would have to freeze your rate. So if you have been struggling for six months with a 12% interest rate, when you signed up for a starting rate of 7%, then the rate would re-adjust back to 7%. Now there are still going to be people who can't pay their mortgage. But at least now you have settled major concerns for most people. If people can't pay, even with their fixed interest rate they got in the beginning, then they will have to lose their home like everyone else. BUT, what about those of us who owe more for our house then it is worth? You can pay the mortgage, but if you get job-transferred out of state and you can't pay the mortgage down to what the home is worth, how do you get out of the house? Simple. Instead of the government spending billions on giving the banks bad debt, then how about this: You get an appraisal. Let's say it comes back at $150,000. But you owe $190,000. The government then pays the bank the difference between what you owe and what the house is worth. Now you can list your house for sale, and the bank gets all their money. It still cost the government money, but at least this plan is helping you AND the bank. Its really a win-win situation, for everyone but the taxpayers who don't owe more than their house is worth and feel ripped off no matter what happens. So basically, people can now stay in their homes with a nice fixed interest rate, or sell their home even if they owe more than its worth. This decreases the foreclosures, and Walla! Boom, all the sudden the real estate market jumps back up, since prices aren't plummeting due to foreclosures getting sold so cheaply anymore. Granted, banks may still take a loss on this plan, but this mess was really their fault to begin with, and this boost in the ecomomy would mean more people buying houses, and that in turn would benefit the banks. Forward this plan to all the lawmakers in Congress, let's do something for the people for once, not the guys on Wall Street! Published: Monday 29th of September 2008 03:25:11 PM For more information on credit cards and related topics, please see our library of articles. 
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