My Bailout Plan
Send every american household where total annual earnings are less than 150k a year a voucher for 7,500 dollars that can only be redeemed by a qualifying lending institution as payment toward a debt the note for which is held by the lending institution. Qualifying lending institutions must agree to renegotiate the terms of all mortgages to come up with loans the monthly payments of which the borrowers can actually afford.
This does two things: 1 it removes the need for oversight of how this money gets spent, it's all going to pay off debt. 2. it helps people with overwhelming mortgages get caught up by a few months and gives them an opportunity to get into a more favorable interest rate.
Tell me economics gurus, Is this totally unsound?
This does two things: 1 it removes the need for oversight of how this money gets spent, it's all going to pay off debt. 2. it helps people with overwhelming mortgages get caught up by a few months and gives them an opportunity to get into a more favorable interest rate.
Tell me economics gurus, Is this totally unsound?