Will It Work?

Obama's plan for ameliorating the housing crisis: renegotiation incentives for banks, mandatory renegotiations for Freddie and Fannie.

A friend who is the ED of a nonprofit spoke to me today: she has cut staff, frozen salaries, and stopped all hires. The number of clients using her facilities has increased substantially because more people are in need. One of the cuts made was a decrease in the contribution to employee retirement.

No one is bailing out the nonprofit sector!

Why are the banks being paid once again for selling bad mortgages? Why are banks getting rewarded when they inflated the value of homes and then loaned money based on those inflated prices? Too many mortgage brokers were paid hefty commissions to rip people off and exploit their financial ignorance.

Will they be the same people who renegotiate the mortgages for the banks?

I'm confused. I'm angry. I'm tired.