Thread: Bailout Failure an Opportunity to Improve Package ACORN

(quote)

Bailout Failure an Opportunity to Improve Package

September 29, 2008

More Relief for Homeowners Would Actually Stem Crisis More Effectively

On Sept. 29, ACORN National President Maude Hurd released the following statement about the House of Representatives 205-228 vote in opposition to the Wall Street bailout package:


"ACORN welcomes the opportunity to renegotiate a package that will actually do something for homeowners on Main Street and not just bail out Wall Street. Ninety-five Democrats voted against the bailout bill because it did not do nearly enough for families struggling to pay the mortgage and who are teetering on the brink of foreclosure. If a better plan comes back that will do more to assist struggling homeowners, it stands a chance of passing.

"The foreclosure crisis, which did not begin last week but more than a year ago, will continue unabated by the current bailout proposal. To really solve our broader economic woes, we must address the underlying problem of unnecessary foreclosures. One critical way to do this is to include bankruptcy shelter in the bailout package, which was dropped from the negotiations over the weekend.

"Another way to stem foreclosures is to include tighter language directing the Treasury Secretary to prioritize purchasing those distressed assets like whole mortgages where Treasury would have the authority to modify the mortgages and avoid unnecessary foreclosures. Additionally, Treasury could be directed not to purchase any securities or other assets that lack such authority to modify. This would ensure that the public's investment in Wall Street's bad assets actually results in a reduction in foreclosures, so that we can stabilize home prices and restore liquidity in a permanent way to our markets. That's the recipe for a bailout in which both Main Street and Wall Street can benefit." (quote)

http://www.acorn.org/index.php?id=12439&tx_ttnews[tt_news]=22347&tx_ttnews[backPid]=12387&cHash=7d18e803f3

Ephesians 4:32

BS

HELL NO! These are people who should never have received mortgages in the first place!!! Doesn't matter how they "rework" the mortgages, they STILL won't be able to repay the loan while earning MINIMUM WAGE!!!!

Why should we pay for STUPIDITY or GREED!?

NO MAIN STREET! NO WALL STREET!

NO. NO. NO. DONT THEY UNDERSTAND WHAT NO MEANS?