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Mortgage Mess Solved!

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Forget the $700 billion bailout, an online brokerage billionaire in Greenwich has an idea for a much simpler plan, and it's good enough to make the New York Times: "Mr. Peterffy's plan calls for the Treasury to pay the first $250 of every American’s primary residential mortgage each month for five years. That’s it. As he sees it, the value of all mortgage-backed securities would rise immediately with the borrowers’ sudden ability to pay. The housing market would stabilize, and the banking system with it. Troubled homeowners would have the incentive and means to keep paying their mortgages." [NYT]