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The words, bank bailout, are being used to mislead hearers. The truth is this. There is a proposal for the US Government to purchase from banks or other lien holders, the mortgages of homes that have been foreclosed. After the government purchases the mortgages, then the government could renegotiate the mortgage with the homeowner who suffered the foreclosure so that the homeowner could then pay for their home at an affordable price. (The amount of the monthly mortgage payment would be something the homeowner could handle.)
By the government purchasing the mortgages from banks, it does help the banks get over the hurdle of being stuck with the loss of money from loan repayments they did not receive. It also helps banks get rid of houses that they cannot sell. However, the hidden truth in this is the opportunity for homeowners who loss their homes to be able to keep their homes.
Senator John McCain is the one who has proposed the so-called bank bailout, which he calls the mortgage rescue plan. He announced it during the 2nd Presidential Debate in Nashville. Both Democrats and Republicans oppose the bailout for very different reasons. Many Republicans oppose the plan because they do not believe in massive government intervention into the private sector. However, Democrats call the mortgage rescue plan the bank bailout because they would have voters think it is a benefit to the rich and corporate CEOs who have walked away with millions of dollars. It is not. Democrats want voters to think there is no help for them in the Republican Party. That is not true. There may be some who will gripe about it, but in the long run will be the best for all. Remember, Republicans are business oriented. This is a straight up business deal - in favor of all Americans - the homeowners, the banks, and the government itself. With the country being in so much debt, homeowners who buy their homes from the government will be providing the government additional income that could be used to pay down the deficit. So this plan is a win, win, win plan.
The mortgage bailout plan will not put money into the pockets of Wall Street big wigs. As a matter of fact, the banks or lien holders may not actually get the full amount of the money they initially put up for those homes. All things considered, if they get anything for the money they spent, they are better off. The so-called bank bailout will keep homeowners in their homes. Democrats do not want voters to know that a Republican Presidential candidate has actually proposed something that will actually help people who really need a break. Don't be fooled by the term bank bailout. Listen VERY CAREFULLY to what is really being said in debates about this issue. What you learn may really surprise you. You may also be surprised at who opposes the bank bailout. Vote in favor of your own best interest.
(Note: This piece was written before November 4, 2008.)
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