The $700 billion financial industry bailout  law  can make a recession better and shorter, but it won’t stop the economic and housing downturns in their tracks.Homeowners who are in financial trouble won’t see a quick fix to their own problems.

The economic package authorizes the federal government to buy billions of dollars in bad mortgages and other debt, taking the troubled loans off the books of financial firms. The taxpayer-funded bailout will free up credit markets and allow banks to lend again then the government can resell to free the assets. 

 Hope for Homeowners plan and Bankruptcy court judges already have the power to reduce debts owed on vacation homes, cars or boats, and structure repayment plans based on the lower amount allowing the same treatment for mortgages on primary residences would help many people avoid foreclosure.

 The bailout was necessary to at least start the process of finding  a way out and repair our financial system.We can eventually move that glacier !

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