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A 40 year mortgage won't work if the house is not worth the mortgage on it. Remember housing values have fallen, after being highly inflated before the bubble burst.
errrmmmm, didn't John MCain propose this in 2008???
No clue if McCain made such a proposal.
If you don't like the "extend the loan" option, what would you suggest? And, if the taxpayers do bail out these mortgages, what happens if/when the real estate market rebounds? Will the amount of the loan that was forgiven be added back to the loan or will the homeowner just get a nice bonus courtesy of the American taxpayers?
I think we need to bite the bullet on most of these mortgages and just let them foreclose. It's not like people will be homeless if they aren't homeowners.
I think we need to bite the bullet on most of these mortgages and just let them foreclose. It's not like people will be homeless if they aren't homeowners.
Renting is a viable alternative. Plus much cheaper if the home gets sold at a lower price.
I think we need to bite the bullet on most of these mortgages and just let them foreclose. It's not like people will be homeless if they aren't homeowners.
Some people will be homeless though, especially if they don't have a job to support themselves.
I suggest all the non paying loans be foreclosed and the housed dumped on the open market an sold for what they will bring. This way everybody loses in the bust not just the previous owners and the taxpayers. The speculators betting on the mortgage based securities also get shafted.
That is the way a speculative boom is supposed to bust.
It would also provide a LOT of cheap housing for anyone capable of putting down 20% of a McMansion devalued 60% to 80% or so.
Some people will be homeless though, especially if they don't have a job to support themselves.
If they don't have a job they can go to a shelter.
Many move back in with family.
If you have no job you cannot meet your financial obligations.
If you cannot do that then you need to alter your lifestyle to match up with reality.
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