And I forgot the zero down stupidity. But there were many who did put money down but their rate went through the roof and their value went through the cellar so they couldn’t refinance. Plus there are millions who bought by the rules but are losing their homes because they lost their jobs.
People are saying on here to let this sort itself out and homes will sell when the price reaches it’s bottom. Sadly I’m afraid many of them will be crack houses by then. And those will never sell.
I don’t know what the answer is but I do not believe the government going to the extreme is the solution.
Starting a “new fannie” that uses late 1990s guidelines might be a good start. Let this be a more truly private organization than the GSE’s ever were (FNMA WAS private even then though).