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Bringing together leading experts to discuss credit, loan, debt and identity theft topics, CreditBloggers provides readers with unique insight and straight answers about the financial world.

Funny Money Friday: Lost Mortgage Bailout Proposals

Posted on 09/02/2007 12:04:36 | Link | Post Comment

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 DavidsonCredit.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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