OK, what am I missing?
The current bailout plan involves the government giving a few big banks a FUCKLOAD of money to cover the bad mortgages of millions of people.
But those banks aren't going to write off those mortgages.
So in the current plan the bank gets my house AND the money for my house.
Why is the government not directly covering the bad mortgages? That way the bank gets its money for the bad mortgage, same as the current plan, and the mortgagees get to keep their houses.
Is it more complex than that?
But those banks aren't going to write off those mortgages.
So in the current plan the bank gets my house AND the money for my house.
Why is the government not directly covering the bad mortgages? That way the bank gets its money for the bad mortgage, same as the current plan, and the mortgagees get to keep their houses.
Is it more complex than that?