Here's my mortgage bailout plan:

[MrPerson]

1. Require every delinquent property to be reappraised within thirty (30) days.

2. Reduce the mortgage to the value of the property and reamortize it over thirty (30) years.

3. Reduce the interest rate to the then prevailing market rate.

4. If this makes a bank insolvent, close the bank and sell the mortgages.

[Joe the Revelator]

1. Another plan that rewards people for being irresponsible

What about all of the people who took decent smarter loans, who now owe tons more then their homes are worth? Just because they are responsible enough to pay there mortgage every month, they don't get the same break that Johnny Latepayment gets?

[Speck Tater]

2. Acording to the terms of the OP

those people with decent loans could get better terms just by not paying their mortgage for a few months so that they would qualify by being "delinquent".

[Joe the Revelator]

3. which makes this idea absurd

[Speck Tater]

4. Exactly! nt

[MrPerson]

6. And ruin their credit ratings? I think not.

[MrPerson]

5. If these were normal circumstance I'd say yes.

But we need to clean up the bad loans and the bad banks.

We need a reckoning.

The people who are paying on time have been rewarded with good credit ratings.

If they want to be able to borrow again they need a lender able to lend.

That is not possible now.

Thanks for calling my idea absurd, BTW. Where's your idea?

[Joe the Revelator]

7. I don't have an idea, but it doesn't mean that I can't call yours absurd

You want to see a populace uprising? Reward those with bad loans for their poor judgement while allowing responsible members of society to languish.

[MrPerson]

8. No. I see a solution.

I'm not concerned with the plight of the fortunate.

[Joe the Revelator]

10. You say fortunate, I say responsible

You're helping the wrong people. Those who were too irresponsible to pay their mortgages on time in the first place, will fall into the same habits after you reward their incompetence.

[MrPerson]

11. Yeah, like illness, job loss or an abusive husband.

You sound like a Republican.

[Joe the Revelator]

13. You sound naive.

[MrPerson]

15. You sound like you need a little more failure in your life.

[Joe the Revelator]

16. Oh my friend, you have no idea

I've failed a number of times, I'm up to my elbows in debt, my company has cut off all raises, I'm too broke to afford childcare so I'm not having children though my wife and I both wanted 2 by this time in our lives. My house has lost 15% of what we paid for it just one year ago. But you know what? We've cut and sacrificed a family in order to be responsible members of society and pay our loans on time.

[MrPerson]

17. You still have a job and are healthy.

Wait until that changes.

And it will if changes aren't made now.

[Joe the Revelator]

18. And so do a number of people who bought way more house then they could afford

and who you are dead set in rewarding.

But again, you don't know me.

[MrPerson]

20. That is not true.

I can't believe you are buying that right wing talking point.

No sir. They have lost their jobs, are ill or are now separated.

Those are the biggest reasons for mortgage default.

Again I represent these people in bankruptcy court. It is not how you paint it.

[Joe the Revelator]

21. And you see what you see, because you keep name dropping your profession

What I actually find even more abhor-ant is that I'm sure you make money off of these people that you claim to be so concerned about.

[MrPerson]

23. I get paid for my time. And it requires court approval.

And it is below market rate.

Creditors attorneys get paid the big bucks.

[Fire1]

24. Uncle Sam thanks you.

[Joe the Revelator]

25. What does that mean?

[MrPerson]

26. He needs to reread the Parable of the Prodigal Son

He sounds like the Other Brother.

[Fire1]

22. You took the words right out of my mouth!

[Top Cat]

19. neither am I.... What about the underemployed people who have paid their mortage for years

and am now in trouble me included. We need help now to save these homes not everyone who is in trouble caused their pain.

[MrPerson]

9. I've spent 25 years representing bankruptcy debtors.

Perhaps I have a little more compassion.

They usually are in bankruptcy because of job loss, illness or divorce.

Its not always like you think.

[Joe the Revelator]

12. Once again, why does your plan leave out those who sacrifice

in order to pay their loans on time?

[MrPerson]

14. It doesn't. They can't get new loans now.

That will continue until they wake up and realize that their hardheadedness is part of the problem.

[Top Cat]

27. Thankyou