Here's how we should have spent the bailout money

[Nick Scalero]

Maybe I'm naive but here's how I think we should have spent the first bundle of bailout money.

1) Take a look at each loan in Foreclosure and see what could be done to get them out of that state. (buy down interest rates, make back payments).

2) For every loan that goes into NOD - see if the interest rate can be bought down so that the owner could keep their payment affordable. Maybe they're still under water but at least they can afford to live in their home.

This way the banks get their money and gets to stay in business and people get to keep their homes.

Let's hear some feedback. I know I'm missing soemthing (possibly magnitude of the debt?? but $800 billion seems like a big number)