Do we even think we didn't know this was going to happen?? Get a grip. Ah, I get so mad! Had the government taken that stupid bailout money and refinanced every troubled mortgage at a decent and safe rate we would have been so much better off. Not only would the homeowners retained their homes and their self image and economic purchasing ability, but the government would have made a profit. Let's say they would have refinanced these loans at.....5.5% . That would have been $440 MILLION dollars in interest alone the first year based on $8 billion dollars. I think we could have really done well going that route. Instead, we gave a bunch of old white guys a bunch more MONEY for doing NOTHING to help the average homeowner. Well, here is a link to the article.
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http://www.comcast.net/articles/finance/20081221/Executive.Bailouts/
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