Bailout for Homeowners

As many of you know, the United states is in one of the biggest economic recessions--or so we are told--of the century. Recently there has been legislation to help ease the tension on the banks, on the auto industry, and on wall street. Now the bailout comes to the real estate industry. According to the new package being rolled out by Obama Administration, Interest rates on mortgages could be refinanced for interest rates as low as 2%.

What is the cost to do this, 75 billion in taxpayer dollars... Recently the value of a billion has been played down so let me put this into perspective. 1 billion is 1000 millions. Therefore 75 billion dollars is 75,000 millions, or nearly enough to pay for the entire state of Oklahoma to go to college.

75 Billion dollars going towards what? Towards some people who genuinely are in trouble and need help. But also going to people who planned poorly and are now being bailed out by the government. According to the New York Times the package could help people who owe as much as $730,000 on their mortgage payment (NY TIMES.)

Do you agree with this law, If you do great! but if you don't you need to talk to your congressman. Let him/her know what you think and how you feel. He/She is there to represent you, make sure they are doing their job.