Way back in December of last year, rumblings were heard about a deal for freezing rates for homeowners having trouble with their mortgages. Yesterday, it was announced that the government may have the plan ready to use about $50 billion from the financial bailout in order to guarantee $500 billion in mortgages.
This must be new math, because I have no idea how $50 billion can guarantee $500 billion. Regardless, I want some of that action. I really don't get how the people who pay their mortgages and their car loans and credit card bills and every other debt they incur don't get any relief, while those who don't pay their bills get to take a free ride. It makes you wonder why you should bother being responsible.