Do you think "Bailout" is a good term to describe L.P.T.A.P.M.A.*? This very painful pill we all get to swallow seems rather enormous, even bigger than my Flaxseed Oil and Fish Oil dietary supplements. But like with my dietary supplements, is it necessary to keep our economy healthy?

Having grown from 4 pages to 451 pages (or more by the time we're done!) maybe the proposal is now powerful enough to act as a toilet plunger to help unclog our national credit toilet. Depending on which economist you check with, the US economy may or may not be in a recession. My guess is when the latest data available is reflected, the decision will become unanimous - we are in a recession.

As difficult as this pill is to swallow, and I must admit my first instinct was to say "let it ride" and see where the cards may fall, I think the "Credit Market Restructuring Plan" (much better than "Bailout", don't you think?) will aid the major block we're facing in the credit markets.

• Have you noticed the zero percent balance transfer offers are drying up?
• Tried to get a no cost home equity line of credit lately?
• How about short term business financing?

The rules in the credit game have changed dramatically, and although we could debate the pros and cons of this to eternity, overall I think this correction has swung too far the other direction. Now, creditworthy solid borrowers are finding it difficult to get the funding they want.

Although the best laid plans do sometimes go awry, maybe this restructuring plan will thaw out the frozen credit markets, speeding up the necessary recovery process. Here in Southern Oregon, homes are moving again, albeit it at a snails pace. Our illustrious US representatives got our Timber Funding extended for 4 years and tax credits for the manufacturer of children's wooden arrows, so we're set now, right (tongue in cheek just got bitten)? Let's get the Master Plunger and blast this clog through, and see a reasonable flow in the markets again!

*LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY TO PURCHASE MORTGAGE-RELATED ASSETS

See you at the closing table!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans