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Northwest Voices

Seattle Times letters to the editor

March 24, 2009 at 2:43 PM

The bank-rescue plan

Let me back in the game

I’ve been hearing the financial pundits speaking today about the possibilities or impossibilities of the Treasury Department’s plans to work with private investors to buy back the troubled mortgage-backed assets from the banks that hold them [“Fed aims to get toxic assets off bank books,” page one, March 23]. The U.S. government appears to be willing to allow private investors to put 15 percent of their skin in the game to buy mortgage securities and risk that extent of economic loss for the possibility of an upside if the value of U.S. housing market as it comes back over time.

As I understand it, the Treasury is doing this to make a market for these mortgage securities and get the ball rolling.

I have a modest proposal. Let me buy back my own mortgage at its current market value for 15 percent on the dollar and I’ll stay in my home and wait for its book value to increase. I’m doing that already, and, as a taxpayer, I’d rather take that upside to my own bank down the road than letting another Wall Street hedge fund share that gain.

I know what my home is currently worth. Let me put my own skin in the game on my own property.

— Reid Grossmann, Colbert

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