Did you hear President this morning offering solution to Mortgage Crisis?
He suggested the Mortgage Companies negotiate with homeowners, instead of forclosures.What he didn’t tell you is that everytime Mortgage companies negotiate new loans, there are new fees,commissions and other expenses, and those are added to the loan balances upfront, increasing what the homeowners owe. There are no magic way to solve this problem other than lowering the loan balances of the qualifying,deserving home owners to a level where they can afford to make their payments I think that is how the federal “Bail-out” money should be used,for a permenant long term solution.
You heard the old “Joke” about the tire shop owner throwing sharp nails in front of his store,and puts up a big sign who says
“I am on your side,come in and I’ll give you a big discount on
Thanks for the answers! Of course it is “unthinkable” to create a legislation to stop the “Loan sharks” (this is not aimed to legitimate lenders) from making loans knowingly that their victims going to end-up in forclosures.
But it is insane to “bail them out” with Federal money, so they can make more bad loans. Federal money should go to their victims, don’t you think?