Emergancy Economic Stabilization Act Of 2008

The Bailout Plan of 2008 now the Emergency Economic Stabilization Act Of 2008 was created to help loan companies such as Lehman Brothers, Fannie Mae and Freddie Mac, and American International Group. These companies created bad loans such as the subprime loan that gave people high mortgages that were worth more the value of their home. On September 28 a plan to solve the bailout was finalized and sent to Congress but was turned down. It was four days later that a new bailout called the Emergency Economic Stabilization Act Of 2008 similar to the first bailout plan was approved by congress.
This topic is interesting to me since a neighbor ran into a similar problem with their house. They were trying to sell their house but because of a bad loan and the slowness of the real-estate market they were forced by the bank to give up their house to pay off the loan.
It is unfortunate that these bad loans that were first created to help the average person would end up hurting them finically as well as the rest of us who did not buy into these loans. People these days are focused on the quick and easy way to get rich, but in reality there is no easy way out other wise someone would have bought it.