The Sub Prime mortgage meltdown is taking down more than homeowners.

Not many people know it but mortgage companies and banks all over the world have gone under because of their exposure to our toxic sub prime mess.

ABN-Amro Hypotheken-Gruppe a mortgage lender in Germany shut down its mortgage operations this year as did High Street Home Loans in the UK. Chase Bank also shut down their Canadian mortgage operations. In spite of all of this worldwide carnage, the Bush Administration has been reluctant to " bail out" defaulting homeowners but quick to bailout US Wall St favorites. Too big to fail is essentially their rationale.

While there is something to that, so many of our pension plans succumbed and drank the sub prime kool aid too that a collapse of one of the big Wall St hedge funds, investment banks etc, would also negatively impact Main Street. However, this unstoppable contagion makes it all the more imperative that the real problem be addressed and solved as quickly as possible.

That of course is that Joe and Mary Sixpack cannot make their mortgage payments. This is where the medicine has to be applied if the patient is to get well. Many of the defaulting homeowners have been victimized by crooked mortgage brokers, appraisers and banks that just turned a blind eye to the fraud that was being perpetrated by their cohorts.

Many of these homeowners have and are defaulting even before their loans reset because the original, fraudulent loan was unaffordable, even at the low, teaser rate. Now, how did that happen? Combine these facts with the impending resetting of millions of adjustable rate mortgages by 30-50% this year and you have millions of homeowners who will lose their homes.

These defaults will surely trigger the biggest financial calamity in the history of the world! The only way to stop it is to help Joe and Mary make their mortgage payments. No homeowner bailouts, says Bush, whose administration is responsible for the mess. In their haste to avoid a recession in 2001, they have put us squarely in the path of a depression in 2008!

OK, well, private enterprise to the rescue! Tthe Metropolitan Business Council of New York, a personal financial consulting firm has put together a unique combination of government support for entrepreneurship with tax programs and come up with a way for selected homeowners, who are literally prepared to work to save themselves will be able to obtain cash from the IRS to help them pay their mortgages.

These are not loans, they never have to be paid back.

This aid is potentially available to any homeowner who has a job and is prepared to work a part time home based business, as opposed to a second job at the mall, for instance. The government's tax subsidies provided to the homeowner/entrepreneur will generally be enough to free up cash each month to be applied to help pay their mortgage payment.

The program has been tested on a small scale in the New York area with good results. Participating homeowner/entrepreneurs have received from $500-$1,000 per month from the IRS to use toward mortgage payments and other bills that had caused them to skip their mortgage payments.

Although too early to claim victory, it looks like there will finally be a "government mortgage relief program" which is not a homeowner bailout, anathema to the Bush administration, but that has the potential to stem the tide of financial disaster sweeping the world.

Keep your fingers crossed!

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