Mortgage rescue plan draws Senate support

Hold your ground guys this cant happen. It is the reason most of our society is so messed up today by hitching laws that are the concern of special interest on the tail of bills that are meant to do good.

Although we have tried to provide the Congress with a workable plan over a year ago, the Congress had its own agenda. They know they did not properly monitor the lending programs and are a direct cause for the mortgage crises. This plan will appear to most that the Congress is trying to stop the foreclosures and they are doing so for the benefit of the 5% that are in trouble and many of whom were victimized. In otherwords, the Congress' agenda appears to be acting in the best interest of the homeowner, when in effect, they are trying to move what liability they can from the balance sheets of the banks, other financial lenders, etc. Now, the American taxpayer will own these properties, manage these assets, etc., if in deed those borrowers cannot pay under the FHA Guarantee. Bush had promised to Veto but I don't think it will happen. The Congress was backed up in a corner because they cannot have bank failures that would cost billions to resolve, so this is their answer for not doing their job and causing this mess in the first place. There is a plan that would have allowed modification of all adjustable rate mortgages and that mortgage would have stayed with that lender. The loans currently in foreclosure would have been halted and a reasonable payment worked out without deep discounts (which of course is a ploy on the part of the banks) will not need to be considered and the inventory of foreclosures will be immediately and greatly reduced. No cost for modifications, no cost for guanantees - this is nothing more than sending the wrong message to the financial lenders. We will not allow you to suffer, let's just let the homeowners suffer, for their wrong doing. What a mess.