And Asian/European banks loaded with these craps that their "beloved" citi and mogan have gave to them.
Why don't they just change the term to 50 years instead of forgiving the principle. Restructure the loans to whatever term they need to to make it affordable. The people can then afford to wait until housing turns up again and can unload or refinance at that time.
Good point. Can't pay yur mortgage? Sell your stocks, your 60" widescreen, SUV, Boat, Harley etc for the going rate. Good principle, but they were probably bought on credit too, and the resale market for granite kitchen tops is probably saturated...........................
Exactly. The stimulus plan is bad already. Now this. Let the economic go into recession. Speculators need to be punished.
Sadly, there seems to be a recurring theme here. Take an obvious problem (or an issue that everyone with half a brain knows will become a problem) and ignore it until it becomes huge. At that point, all of the available options are unpalatable. - loaning money w/o accountability or standards (on many levels) - having porous national borders w/ little or random enforcement - Social Security ponzi scheme .... (& general government entitlements ...) R
lol do you guys think banks are charities? there's absolutely no chance they'll partially forgive debt. they would just foreclose the property at a loss of they have to. if they reduce the debt, there's still no guarantee the borrower will make payments in the future. there's a better chance bernie will raise rates by 100 bp this month than this idea happening.
Who said getting a mortgage is easy? Well you don't have to pay for it, not at least in America. Now every homeowner can starts defaulting and asking for principal reductions from the banks. How ridiculous it can get?
Better yet, banks should give homes away by forgiving debt on underlying mortgages. "A chicken in every pot."