The global financial crisis can only be fixed by going to the root of the problem: the ailing housing U.S. housing market. Congress is now considering a bailout plan by Treasury Secretary Hank Paulson. It could cost taxpayers $700 billion. His plan is flawed. The following step-by-step program will ensure the rescue package helps Main Street and Wall Street.

Step One: Financial institutions must restore "mortgage-backed securities" into "whole mortgages" in order to sell to the Treasury Department.

Step Two: The Treasury Department oversees auctions to buy mortgages to stabilize the housing market with taxpayer money.

Step Three: The Treasury runs a "reverse auction." It buys only the lowest bid mortgages for sale. The sellers take a loss. But the mortgages are finally off their books.

Step Four: The Treasury adjusts the terms of the mortgages so homeowners can afford their payments. The restructured mortgages will stabilize house prices. The housing market will then be able to rebound and the economy should recover.

Step Five: The Treasury then sells the restructured mortgages to investors with a guarantee. As mortgages are sold, taxpayers are paid back their $700 billion and the Wall Street credit crisis should ease.

The $700 billion rescue package only works if the Treasury gets whole mortgages and adjusts them for homeowners. Otherwise, the vast amount of taxpayer money will only benefit Wall Street. Not Main Street.