More Details Emerge on the Bailout Proposal
Here's the summary of the Bailout Proposal from Nancy Peloisi's office.
It's now a $350 billion bailout, at least up front. I'm not seeing anything that prevents home foreclosures or that helps those who underwent foreclosures in the past year.
The government can use its power as the owner of mortgages and mortgage backed securities to facilitate loan modifications (such as, reduced principal or interest rate, lengthened time to pay back the mortgage) to help reduce the 2 million projected foreclosures in the next year
There's tax relief -- for banks. [More...]
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