Wow, we all get to have our mortgages lowered??
The day I support a program like this is the day they I see offered some sort of relief/reward to everyone who has paid for their house in full. I'm so tired of the responsible people being hurt/dismissed. Where is their reprieve? They've actually lost their own money--not essentially stolen someone elses.
Do I feel bad for those who made bad investment choices? Sure. But do I think they the less responsible group should be rewarded at the expense of the more responsible group. Nope.
There's a death spiral which can start in neighborhoods, particularly newer ones. Many were built in the boom days of the real estate bubble. I've mentioned before that if a neighborhood reaches critical mass of short sale, loan default, foreclosure and subsequent vacancy or dereliction, ALL houses in that neighborhood decline in value.
Obama may be trying to get a floor under the tumbling values of housing. Whether conservative posters realize it or not, the converse of "rising tide" is also quite possible. An ebbing tide leaves lots of boats stranded, both liberal and conservative.
Before condemning a program out of hand, I'd take a long hard look at the ramifications of doing NOTHING. They could well be dire.
Am soooo fed up with banking shenanigans. I feel like the nation is being held for ransom and would very much like to see the banks experience true accountability.....for a change.
I guess this woman was right after all. Eesh.
But really...blaming the banks does get old. You had to have had a customer asking for the product. They are the ones who accepted the risk, signed on the dotted line, made the commitment. Ignorance, stupidity, etc.....is not an excuse.
Borrowers who made the choice to buy a house they weren't willing to pay for---they are the ones who did everyone else a disservice except to the ones whose houses they bought. I really get sick of the attempts to blame anyone else.
I bought houses that have dropped in value. My choice. My risk. My responsibility. Period.