Relevant:
- obama foreclosure plan aims to help up to nine million homeowners
- $300 Billion in Exotic Mortgages Now Available
- Another wave of foreclosures is poised to strike
- Begging The Bank To Forgive Some Of The Mortgage On Your Primary Residence? Better Act Fast
- Sheila Bair Book Says Obama Foreclosure Prevention Program 'Cheated Borrowers'
2010-02-17 — dailycaller.com
"A growing chorus of voices has recently been echoing the same refrain: the Obama foreclosure prevention plan has been a failure. This should be no surprise since the Obama plan, from its very beginnings, ignored the primary drivers of default: negative equity coupled with unemployment. But the solution being proffered—mortgage write-downs—is simply another dead-end. Forgiveness, either through bankruptcy courts or the Treasury, will encourage additional delinquencies, not less. The most direct way to reduce foreclosures is expecting those borrowers who can pay their mortgages to do so, regardless of the value of their homes. We need to bring back recourse, allowing lenders to seek repayment from all of a borrower’s assets, not just the collateral behind a loan."
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