I believe the fundamental problem in our nation’s housing crisis is pretty simple: home values are not in line with loan balances. Read why our President’s call for more refinancing does not address the core issue here: The Permanent Foreclosure Crisis.
Permanent principal reductions on mortgages save money for people who need it the most (underwater homeowners), and would save money for the banks by avoiding unnecessary foreclosures. Everybody wins.
I believe permanent principal reductions for home loans is going to happen. But when?
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