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Funny Money Friday: Lost Mortgage Bailout Proposals
Money doesn&39;t have to be boring! Each week, CreditBloggers.com takes a look at the lighter side of the personal finance world in a series called Funny Money Friday.
Earlier this morning, President Bush announced a plan to help aid Americans struggling with expensive adjustable rate mortgages. Up to 80,000 borrowers would qualify for a special refinance program despite making late payments on their current mortgages. It&39;s unclear exactly how this
plan will work; our team is working hard to investigate the details.
General consensus right now predicts that this aid plan will be a mere drop in the bucket. An estimated 2 million mortgage are said to be at risk for foreclosure. At best, this plan would only assist 4% of the borrowers in trouble.
While we wait for more details to emerge, let&39;s speculate wildly about some of the other aid plans that might have been proposed during the early draft stages. It is still Funny Money Friday after all:
- Free $200 subscriptions to ForSaleByOwner.com all around.
- Assign Miss South Carolina as Foreclosure Czar.
- Air drops of "stop foreclosure" books over Florida, Sacramento and Los Vegas.
- Sell US real estate market to China. Half off!
- Generating affordable renewable energy by harnessing Jim Cramer&39;s skyrocketing blood pressure.
- 0% interest rates for everyone! What could possibly go wrong?
Feel free to add your own lost bailout ideas in the comments section below. Have a great Labor Day weekend!
Emily Davidson – Credit.com&39;s Communication Director and former TransUnion credit expert. Emily writes about credit reports, credit cards, loans and personal finance as the CreditBloggers.com moderator.
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