America's North Shore Journal

Here are some important points that need to be addressed with this financial bailout. If the Federal government buys these bad mortgages, does that mean the Feds now own hundreds of thousands of homes? What about local property taxes? What about maintenance and upkeep? Will the Feds evict residents? There is, in fact, a market for these securities. The price is very, very low, five or ten cents on the dollar. What will the federal government pay? If much more than market, does this not reward the mortgage holders for not making a market? Is there any legal basis to limit salaries and bonuses paid to corporate bigshots? How is this solution different than the one used by the Communist Chinese to hide their bad debts off the banking books? Why should we trust the … Read entire article »