I Should Get Paid the Big Bucks

I am like most Americans right now with my nose plastered on CNN and the Dow. I was so impressed (NOT) the other day when I was listening to Charles Gibson on ABC interview Senator John McCain. He asked the senator a simple question, "Is it fair to those that have struggled along to pay their mortgages for the government to come along and take over the mortgages of those that have defaulted or are in jeopardy of foreclosure?" basically the senators response was "No, but that is just the way it is right now with our economy". Now I am not implying that Obama's responses have been any better. Quite frankly I am doing a write in ballot for president and I am writing in "Woopie Goldberg" for president and "Snoopy" for vice president. (I know I am joking about a very serious matter here but honestly this whole election this year leaves a lot to be desired).

Now my personal opinion is that all those people that are in jeopardy of foreclosure or defaulting on their mortgage should have their mortgages re-assessed. Why not take their monthly payments and say ok you can't pay $1000/month so how about $600. Take the balance owed on their mortgage, decrease the interest rate in such a way that monthly payments are only $600 and add on extra years to the end of the loan to balance it out until the loan is paid in full. Therefore instead of a 30 year mortgage with monthly payments of $1000 it becomes a 35 year mortgage with monthly payments of $600. That way the owner is still paying for their own mortgage, the lender is still getting paid the full amount, and we the tax payers are not having to bail out every one's stupidity.

Honestly, all those "highly" educated and very "highly" paid people in Washington couldn't think of this themselves? Why should we all have to pay off the stupidity of greedy home buyers and lenders?