Now I don't know if President Obama has tried this or even if he's thought about this I haven't seen any evidence so if anyone has seen what I'm about to say hit me back so I can give a brother kudos.
I think President Obama should put a freeze on the foreclosure! Then he should force/insist that any company who wants to receive or keep the benefits they've gotten for the bailout they will have to refinance all the loans they have at 3.75 or 4.00% without any term limits (ie. 1, 5 yrs etc). Then everyone currently in foreclosure, or behind will not only get the 3.75 refi but 6 months before their first payment is due. This would give them time to catch up on other debt, get a job if they lost one, or a second job if they need to. By catching up on other bills that would boost the economy because credit cards, medical bills, monthly bills etc would all get paid and who knows some might get paid off.
That's not all. All those who lost their homes if their homes are still vacant they get them back with the same deal and NO the mortgage companies can't keep "ill gotten gains". They would have to refi the homes at the original rate not the rate with the penalties and fees. I think the bailout money is more than enough. This plan would not require any extra money be given and it would have an immediate effect on the overall economy and stress level of everyone.
