There is no amount money that can be thrown at people who are facing mortgage foreclosure that will help them. We have to help them by looking at the root of the problem. None of these loans were “toxic loans” until the interest rates went from fixed interest rates to variable interest rates. The solution is to put everyone back to their fixed interest rate status that they had before they adjusted. Most borrowers could afford their loans before they adjusted.
This has long since gone beyond just being about mortgages. It’s about credit liquidity and keeping tens of thousands of small businesses that have nothing to do with home mortgatges from going belly up.
I don't know about that.
I think a lot of these mortgages were shoved at people had no hope of paying them off from the beginning.
You should have heard the "No money down! Bad credit ok!" crap that was happening around here.
These mortgage dealers sounded more like used car dealers, but they were selling six-figure sums to the lower-income, less-educated, unaware.
In the name of "compassion" of course.
And now they're bankrupted and dumped on the street.
That Community Redevelopment Act was oh-so-compassionate, don't you see?
Vote for Obama. He's one of these oh-so-compassionate types. Really, he is. You dopes.
That’s a fine socialist solution.