HUD secretary hearings.. anyone else watch this?

[SoCalDem]

This "plan" for bailing out homeowners is designed to FAIL..

It's so convoluted, and has so many "incentive payments", I forsee a "HUGH" problem..

Someone needs to teach these folks the KISS agenda..

All they need to do is to send everyone with a mortgage a registered letter (and a copy to their mortgage holder) stating that their NEW interest rate is 4% 30yr fixed, and 20% of the mortgage principle has been "marked down" (with prior-payments applied)..

Slap a top limit of $450K (in high areas), and limit it to primary residence only,.,

Problem solved..banks & govt iron out the details & money, and people's payments go down automatically.. If they still default, then so be it..

the plan they have designed is full of flaming hoops for beleaguered people to jump through, a fistfull of toll-free numbers with phone robot-hell to contend with, and probably a bunch of people who do not even know what the plan entails, once they do talk to a real person..

[elleng]

1. THIS is SIMPLE, STUPID????

'All they need to do is to send EVERYONE with a mortgage a registered letter (and a copy to their mortgage holder)'

[snappyturtle]

2. Why couldn't the gov't. instruct the banks to do this? Sounds like the

best stimulus so far.