Tax rebate will not stem tide of foreclosures
Iam shocked by the naiveté of the American people and government officials. A small tax rebate is a scam on the American people. It will serve absolutely nothing positive in reference to stimulating the economy nor will it stop the mortgage foreclosure debacle.

The foreclosure rate has skyrocketed because greedy mortgage lenders dramatically increased mortgage rates, after an initial low rate, which lured many unsuspecting buyers to seek their American dream of owning their own home.

The fastest way to stop the slide of foreclosures is to freeze mortgage interest rates (and therefore monthly payments) at the initial rate. Also, to forgive late payments of the increased amount. If someone has not been able to pay the mortgage for several months, add that number to the end of the original mortgage term.

Taking these simple steps means the foreclosure rate will immediately decline without the government having to step in. If the stopper is placed in the mortgage drain, Wall Street would immediately stop feeling skittish.

I speak as a retired licensed real estate broker (45 years) and have a master of arts degree in government. I'd say this is a very knowledgeable basis to evaluate the current economic situation and make the above suggestions.

I encourage everyone to contact appropriate Congress people and tell them to deal realistically with the economy and to stop trying to fool Americans.

Carol Abaya

Marlboro