Real Hope for Unemployed Homeowners

I am shocked and appalled by the recent 700 billion government bailout.

Bush said : "We have acted boldly to help prevent the crisis on Wall Street from becoming a crisis in communities across our country,"

"In these past two weeks, we've seen things we never thought we would see before in terms of the economic insecurity of our own country," said House Speaker Nancy Pelosi. She said the measure would "begin to shape the financial stability of our country and the economic security of our people."

What the President and Congress fail to see is:
1) Unemployment is at an alarming rate, (a staggering 760,000 jobs disappeared so far this year).
2) Over the last year, the number of unemployed people has risen by 2.2 million to 9.5 million.
3) And the number of small businesses closing or filing bankruptcy is also at a staggering rate.

So the bailout is a huge giveaway to the very financial institutions that helped cause the sub prime mortgage meltdown and a huge economic crisis with nothing to help its ordinary victims. Victims who cannot pay their mortgages because they simply have lost their jobs (many of them outsourced overseas) or small business.

Does Wool Research Fund, Exemption from excise tax for certain wooden arrows designed for use by children and some other pork belly bills included in bailout help the people? NO!

The bill Hope for Homeowners does not help either, it only helps stop foreclosure, refinance the homes and reduce payments. But it does not address the real needs of those people. The millions of people not being able to pay their mortgage because of unemployment.

If these victims are not helped as well, and they loose their homes, there will be a very serious crisis in communities across this country. There will be millions more homeless families.

And that is another aspect to this economic disaster that the President and Congress fail to see.

What is the correct solution to avoid this and my petition:

1) Suspend foreclosures and mortgage payments for a one year period for people like myself, who have lost their jobs or business. This will give us a chance to find a job and not have to resort to living in the streets.

2) Reduce monthly payments so we can afford to pay them with any job we find.