I know, I know, there's a lot of Obama bashing that goes on, but he has a point with his Thursday pledge.
If every mortgage holder, every bank, every financial institution that doesn't want to process anymore short-sales, doesn't want to take back, via foreclosure, any more homes.....and really doesn't want to process any more loan modifications.....if they would just drop every home owner that is over 4.5 % in their interest, maybe just 1 point? And, people that are in an adjustable, if they fixed their rate to current rates.....or slowed the rate of increase to 1/2 % vs. 1 % per period....wouldn't that keep more people in their homes?
And, keeping more people in their homes....will help end this vicious cycle that we are in?
Just my thoughts. I'm not an economist. Don't know how this would effect the rest of the population, just seems to me it would be a quick, simple solution.
Why can't we just cut everyone a break? And, stop defaults of any kind. Quickie article link below: