Forum (Forum & Focus)
Oct. 16, 2008
Keeping People in Their Homes Is Worth It
Without the $700 billion bailout, the pace of foreclosures would have continued to increase, exacerbating the decline in home values as more homes were thrown onto the market at garage sale prices, writes Dan Schechter. - Forum Column
FORUM COLUMN
By Dan Schechter So we're going to spend $700 billion to "rescue" Wall Street. Will the bailout benefit anyone other than Wall Street? In a word, yes: All homeowners will benefit. First, of course, the bailout will revive the lending industry. As credit has dried up, it has gotten much harder for prospective purchasers to obtain mortgages or to refinance. Without mortgage financing, demand for housing drops, and prices fall. Also, the...For only $95 a month (the price of 2 article purchases)
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