The Feds , The People are now the proud owners of billions of dollars of distressed mortgages. Now the feds should move quick to renegotiate these mortgages and find out how many folks can get a mortgage so they can afford and keep their property. Most likely there will be other properties that will become vacant or cannot be renegotiated. For those properties i would hold a fire auction and get some of these assets back to the private sector to be resold.
Hopefully money will begin to flow and growth and jobs improves. This economy needs a spark but, I don\’t see that happening till Barack Obama is elected and then sworn in January 2009…
House passes Rescue bill 263-171
Traders Stephen Holden, left, and Bradley Bailey, right, watch on the floor of the New York Stock Exchange as the bailout bill passes in the U.S. House of Representatives, Friday Oct. 3, 2008.(AP Photo/Richard Drew)