The bailout presented yesterday may help banks and investors but it does little for the homeowner.
Why do we not have a program that does help the homeowner such as the government entering into a shared appreciation mortgage (the homeowner and the government both contribute to paying down the mortgage at its original face value). This would make the mortgages whole which would trickle up to help the banks. It would keep the homeowners in their homes by preventing foreclosure, it would protect schools and neighborhoods.
Sent to the New York Times