I whole heartily support this proposal and make it available to people who HAVE been paying their mortgages. I can understand how some people may think it’s unfair, but the whole banking system was only helping the big banks and this would go a long way to have people spend and put dollars back in the economy.

No reason why someone who has been making payments shouldn’t also get a LOWER rate when the government (the people really) own the loan to begin with which will reduce their chance of defaulting as a start and also put another 3% of payment savings in their pockets as well as spending. I know I have a few things on my buy list already if this flies.

I have thought about this plan numerous times as well in the past, but was wondering would bond holders who are getting paid on that 7% bond going to complain? I assume they would be the “LOSER” in this type of deal perhaps if their higher interest rate bond get’s called/refinanced.

Being self-employed now makes me biased since our chances of refinancing are low which I feel is unfair when you have never missed any payments ever.