The average mortgage payment is $1,400 a month, or close to $17,000 a year -- a huge sum to someone who has lost their job. But the actual cost to service a loan to cover those payments is just about $400 a year. Thus, even if you're providing $400 a year to two million people, the total bill is around $800 million, practically pennies compared to what the banksters got.
The way I calculate it, granting homeowners on the verge of losing their houses $400-$800 sounds like a better way of stabilizing the economy than the current "solution," giving an average of $1,000 through payroll tax reductions to people who already have jobs and houses.
Lots of people have ideas on what should have been -- or should be -- done. But when top thinkers at a major Federal Reserve Bank carefully research and propose them, that's a different kind of news. Yet neither the government nor the media seem to have taken it seriously.(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).
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