Because the act of "finding a clearing level" would take down some of our largest banks, the investment banks who packaged those mortgages into tranches of CDO's, and the firm (AIG) that insured those CDO's. As I said, this is to bail out the financial industry, not mortgage holders.
That might be true if this was 100 billion. It’s not, it’s 1 billion, meant to help Obama get re-elected.
.....................As I said, this is to bail out the financial industry, not mortgage holders...................
One billion ain’t gonna do squat on that front.
This is $50 grand for homeowners to buy a new car and some “blow”, and then default on their mortgage within two years. Just prolonging the agony of the neighbors with those “foreclosed-for sale” signs all around the ‘hood!