So here's what no one is reporting and DESPERATELY needs to be communicated to people: what is the root cause of the devaluation of mortgage-backed securities and why don't we address THAT problem?
Well, maybe not no one. NPR's Chris Arnold reports talks to several economists who think that we can be more productive in our bailout measures if we try to salvage securities by readjusting mortgages. Its not a new notion, but can someone explain to me why the GOP is opposed to restructuring mortgages for people who are able to pay them? FDIC chief Sheila Bair took that approach when her agency took over Indie Mac, and its been working.
Instead of bitching about how crap the Paulson bill was on arrival at Capitol Hill, perhaps we should all take the time to get educated on this issue and tell our elected officials how we want them to solve the problem.
And - seriously - please explain to me why we don't want to restructure these mortgages?
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