lleell

No matter what the President, Senate and House say about how necessary this bail-out is I know it will turn out just like the on-going-un-ending Federal Government assistance-bail-out program for New Orleans following Katrina. There will be millions spent on infrastructure support, setting up offices to manage the information gathering, millions for setting up consultants to study the problems and then study how to pay for problem resolution, lawyers to gather, sort, rank, all of the loan documents in the bundled MORTGAGE BACKED SECURITIES, lawyers to deal with foreclosures or restructured loans and payments, lawyers and prosecutors to investigate, charge, try, plea bargain all of the CEO's and CFO's, loan officers, appraisers who inflated the values, etc. Just like New Orleans there will thousands even millions of people who will crawl out from under rocks to submit boggus claims. Even if you have been making your loan payments why not try to get some preferential deal to write down your loan or payments. There will be just toooo many loans for any group of investigators to really study every loan, study every line on every application, check every answer on every line of every loan. The facts are just toooo old now to prove. Greed got us into this and greed will make it worse. Lots of people are going to make lots of money on this bail out. People will figure out a way to trick, beat, use the system. $700 billion is just toooo much money to control. Reducing, re-structuring loans and interest rates or forgiving loans is going to set a precedent under which the poor and homeless will petition the courts to grant the same and equal treatment. If the government can do it for some people then why not for all. Just because a person was unwise or foolish and now wise and lucky to get a loan that they could not pay then why can't the poor and homeless get a home under the same rules. How can we give one family a break and not give every resident in America the same break. This bail-out law will open flood gates that we cannot close. We the American working citizens will be required to build and give an equal home to everyone-citizen or illegal, worker or non-worker. We should call this the greed enablement bill. We could also call it the universal rights bill. We have the equal rights bill and we now will have the universal rights bill. What is right for one is right for all because it is endowed by the creator.