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The government bailed out Bear Sterns, so why not help ordinary folks. Besides, this isn't really a bailout. Under this bill the government would insure the difference between the property value and the balance of a new mortgage at a fixed and lower interest rate.
Wouldn't letting people keep their houses and paying back the full balance over the next 30 years be better for our economy than kicking them out and letting the house sit empty with no money coming back to the banks?
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