Monday, March 28, 2011
It is time for a new paradigm in housing, that being a mechanism to KEEP homeowners in their homes by writing down the mortgage values to 90% of current valuation. prevent speculators and cronies of the bankers/lawyers/politicians from purchasing foreclosed-on properties, and keep people in their homes.
Even people who are NOT in default have such reduced property value, they cannot sell to retire or move (for job or health reasons). Instead of "Bailing out" the banks, lets bail out the homeowners, keep people in their homes (the American dream) and send a message to the regulators and banks and lobbyists that they will no longer profit from manipulating the markets and making unsustainable mortgages.
Just my .02 cents!
We would be better if we gave 100,000 homeowners a break instead of giving one CEO a bigger bonus.....