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Good people are working hard to pay their mortgages. That is a good thing.
Yet those who bought what they could not afford, those who knew they would never pay their mortgage are looking at getting a possibility of laughing at the people who do the right thing.
"A proposed voter initiative that could radically change the housing market in California where tens of thousands of homes are worth less than their mortgages has entered the signature-gathering phase to try to qualify for the ballot.
Proposed by an Elk Grove real estate agent, the measure, if it makes it to the ballot, is approved by voters and survives the usual post-election lawsuits, would require lenders or other mortgage holders, upon borrower’s request, to convert adjustable-rate mortgages to 30-year fixed rate loans -- and reduce loan principal to the property’s current fair market value."
So, if you do the wrong thing you get a bargain in housing, at the expense of those who do the right thing. Wonder why folks have no trust in the political system?
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Yet those who bought what they could not afford, those who knew they would never pay their mortgage are looking at getting a possibility of laughing at the people who do the right thing.
"A proposed voter initiative that could radically change the housing market in California where tens of thousands of homes are worth less than their mortgages has entered the signature-gathering phase to try to qualify for the ballot.
Proposed by an Elk Grove real estate agent, the measure, if it makes it to the ballot, is approved by voters and survives the usual post-election lawsuits, would require lenders or other mortgage holders, upon borrower’s request, to convert adjustable-rate mortgages to 30-year fixed rate loans -- and reduce loan principal to the property’s current fair market value."
So, if you do the wrong thing you get a bargain in housing, at the expense of those who do the right thing. Wonder why folks have no trust in the political system?
More...