Charlotte Real Estate, Foreclosures, Short Sales

Uncle Sam will be the holder of all of America's troubled mortgages if this highly debated $700 billion dollar "bailout" passes. Treasury Secretary Henry Paulson announced the framework of the plan on last Friday by saying  "The federal government must implement a program to remove these illiquid assets that are weighing down our financial institutions and threatening our economy,"  The chief executive of the ANZ Bank, Mike Smith, says there will be a depression in the US if Congress does not pass the US government's financial rescue package.

President Bush Makes Appeal to Americans

President Bush stated Credit markets have frozen and families and businesses have found it harder to borrow money. We're in the midst of a serious financial crisis," "Without immediate action by Congress, America could slip into a financial panic," Mr. Bush said.  President Bush invited Senator Obama and Senator McCain to the White House to work on a compromise financial rescue plan.  Both men agreed to attend.  Most importantly to the average American, President Bush said millions of American jobs would be lost, with credit choked off for those who remained standing amid the carnage.  The bailout plan is aimed at bailing out more than Wall Street.

Invest in America?

According to Jim Cramer of CNBC's Mad Money, Treasury Secretary of the State Henry Paulson is doing a bad job of selling the bailout plan.  Since this plan is about keeping Americans in their homes, it should be called "invest in America", and not be referred to a "bailout" of Wall Street. "It's about cash in the ATM machine," he said, and keeping the problems of Wall Street from spilling over onto Main Street.  Cramer stated that unemployment could skyrocket to 20%, if not 30%.  Cramer is a big supporter of the rescue plan.