Finally, it’s the victim’s turn. The New York Times reports that the senate is about to pass a bill assisting suffering homeowners, and it’s a good one.

You’ll be able to cancel your subprime mortgage and replace it with a new fixed rate mortgage at 90% of your home’s current value.

There are other benefits for all homeowners - not just those with subprime loans - and for first time home buyers as well.

This should have been done long ago, not by the government, but by the lenders responsible for creating such a joke of our mortgage system in the first place. Thousands of people have already lost their homes. It will take these families years to recover financially.

The problem is, that the mortgage companies have no money.

So the government has bailed them out, too. Shouldn’t these companies and their board members have to pay some consequence for their misdeeds?

Not if the federal government can print more money. They just keep printing it. The national debt currently tops nine trillion dollars.

Other national debt facts:

• “The estimated population of the United States is 304,421,913, so each citizen’s share of this debt is $31,344.53.”
• “The National Debt has continued to increase an average of $1.77 billion per day since September 28, 2007.”

Does anyone see a way out of this travesty? I fear we are in for a rough ride the next few years.

Related Posts

• April 14, 2008 -- When People Go Bad: A History of the Subprime Mess (12)
• October 25, 2008 -- Is “Save” a Four Letter Word in the Current Economy? (0)
• October 1, 2008 -- Are You For or Against the Bailout? (5)
• September 30, 2008 -- The Market Has Fallen and it Can’t Get Up. (3)
• September 26, 2008 -- Try Your Hand at Solving the National Debt Crisis (0)