I just watched the President outline his mortgage plan. I think it has two of the three key elements necessary: it will get people's loan balance below the value of their houses, and it will reduce payments to a sustainable level. What is missing (or at least I think it is missing), is a clawback provision for those homeowners who get a subsidized loan and then profit on sale later. I think this is critical for fairness. But perhaps I have just not digested the details of the plan yet.
It was so refreshing to see a President explain things so well, though...
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3 comments:
I didnt see an explicit provision to reduve loan balance just payments.
I too thought Barack did a great job of explaining things - We all benefit from bailing out the folks who borrowed beyond their means.
I totally agree and applaud Barack for the bold step , I think we should give him a credit for comming up with this reduced interest rates for home owners.
When the going gets tough.....
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