Create a Mortgage Buydown program titled "The Main St. Bailout"! There are 11 million mortgages under water. The cost to buy them all down to 90% of market value is $750 billion. The President will get the banks to pay 75% of the cost of the buydown, the government pays 25% or $187.5 billion. This can come from TARP repayments without Congressional approval as underwater mortgages are all toxic assets. Foreclosed homes sell at less than 90% of market value. Add legal costs, interest, taxes, insurance, real estate commissions, maintenance and management costs, the banks net just 70%-80% of market value. Under the Main St. Bailout they will actually save about $400 billion. This will be the most effective program of this administration and by far the most popular program of this Presidency.
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