Forget the banks, send us the money

The government has sent billions of dollars to the big financial institutions that have led us into the current situation. The same institutions are not using the money for which it was intended.

With that in mind, I have another method to correct our problems.

Lets' try starting at the bottom of the feeding trough.

The government should look at all the people with mortgages. Establish a level at which these same people would receive assistance. Let's say each would receive $200,000 toward paying on, or paying off, their mortgage.

People with huge mortgages would be able to pay off a large portion of their indebtedness and then remortgage at current lower rates. Keeping them in their homes.

People with lower mortgages would receive the $200,000 and be able to pay off their mortgage and use the difference to reinvest in home repair, a new car, pay off other debts, invest in the stock market, buy new appliances, etc.

The several immediate major benefits would allow people to remain in their homes, cut back on foreclosures, and give local banks an influx of monies to begin making new loans to new home buyers and people starting small businesses.

The turnaround would be almost immediate. People would begin to save more money because they would have more money in their pockets.

William Swearingen

Elgin