Imagine if all of our tax dollars were spent to hire (yup actually create jobs) a force of reviewers to meet with homeowners in mortgage trouble. These reviewers could have assessed the financial situation and developed a plan for our tax dollars to buy down the principal on the mortgage creating a more affordable payment for the homeowner. Buying down the principal, would have put money back in the banking system. By placing a first position lien on the property our money would have been paid back upon the sale of the residence. People would have kept their home, banks would have had capital to lend back to the tax payers, and with the reduction in foreclosures, the real estate market might have actually stabilized.
But no..... instead of our money being used to prop up the industry at its very foundation, with the taxpayers coming first, our money was disbursed from the top down. No jobs, homeowners still in trouble, banks still being tight with the money, foreclosures abounding.
Some of you may remember the trickle down theory..... History repeats itself.
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