The American people need mortgage relief so that they create net worth in order to lower their interest rates on mortgages, restore poor credit, and create value back into their net worth so they have credit.
Economists always warn that depressions occur when banks do not have credit. That is not the total truth. Depressions occur when ordinary people do not have credit and have negative equity in their homes.
Tim Geithner made sure that the banks survived at the expense of the American Tax Payer and the expense of the 15 million Americans who have their homes under water and have negative equity.
We need a new secretary of the treasury that has the same values as President Obama to protect the middle class and poor by making sure that the game is not rigged against them.