Funny Money Friday: Lost Mortgage Bailout Proposals
Money doesn't have to be boring! Each week, CreditBloggers.com takes a look at the lighter side of the personal finance world in a series called Funny Money Friday.
Earlier this morning, President Bush announced a plan to help aid Americans struggling with expensive adjustable rate mortgages. Up to 80,000 borrowers would qualify for a special refinance program despite making late payments on their current mortgages. It's unclear exactly how this
plan will work; our team is working hard to investigate the details.
General consensus right now predicts that this aid plan will be a mere drop in the bucket. An estimated 2 million mortgage are said to be at risk for foreclosure. At best, this plan would only assist 4% of the borrowers in trouble.
While we wait for more details to emerge, let's speculate wildly about some of the other aid plans that might have been proposed during the early draft stages. It is still Funny Money Friday after all:
- Free $200 subscriptions to ForSaleByOwner.com all around.
- Assign Miss South Carolina as Foreclosure Czar.
- Air drops of "stop foreclosure" books over Florida, Sacramento and Los Vegas.
- Sell US real estate market to China. Half off!
- Generating affordable renewable energy by harnessing Jim Cramer's skyrocketing blood pressure.
- 0% interest rates for everyone! What could possibly go wrong?
Feel free to add your own lost bailout ideas in the comments section below. Have a great Labor Day weekend!
Emily Davidson – Credit.com's Communication Director and former TransUnion credit expert. Emily writes about credit reports, credit cards, loans and personal finance as the CreditBloggers.com moderator.
I don't agree with it at all.
Posted by: Jim | September 04, 2007 at 07:43 AM