Quote:
Originally Posted by spence
As we've discussed at length in previous threads, the credit crisis was driven by many factors all around. While there certainly was fraud and irresponsibility, I don't think most people took a mortgage with the intention of not paying it back. Many had the means to pay it back but lost those means because of economic issues, much of which were driven by the investment industry and cheap credit which inflated housing prices.
Mortgage reduction might sound like a give-away, but the analysis shows it would help home owners who are under water continue to make payments...actually reducing taxpayer liabilities.
Here's the rub...as an upstanding homeowner, your net worth is likely going to be higher the more stable the housing market is.
Sometimes it is. Take the 16 Billion dollar settlement some of which is going towards mortgage reductions. You had major lenders falsifying documentation in order to facilitate foreclosures. Fannie and Freddie appear to have known about these unethical practices and others are calling for an investigation of the GSE's as well.
-spence
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"Mortgage reduction might sound like a give-away"
It doesn't sound like a giveaway, it is a giveaway...
"actually reducing taxpayer liabilities"
Bullsh*t. Unless I am selling my house, it does not cost me ONE CENT if my house decreases in value temporarily. Not one cent. Spence, please don't try to tell me that this plan will increase my net worth in the long run. There's a southern expression that I picked up in the Marines..."don't piss down my back and tell me it's raining."
"your net worth is likely going to be higher the more stable the housing market is. "
If liberals are concerned about my net worth, how about going 5 consecutive seconds without reaching into my wallet?