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REPORT COPYRIGHT VIOLATION IN REPLY
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Message Subject
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Bank of America sued by US for $1B
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Poster Handle
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MrAC2U |
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Post Content
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I am right in the middle of this with Countrywide/BoA/Freddymac.
I guess if we can't get our homes outright, the next best thing would be to have the gov adjust the principle amount owed so that people could stay in their homes with a lower monthly payment. I kind of see this happening with the mortgage backed securities being bought from the banks.
Like LW said - we would be paying our mortgages to the gov.
Hopefully the adjustment will be made from a combination of current home values and house hold income. This would take care of the many people displaced from their job due to the economy.
What I don't get- the banks surely know this will do in the dollar. Part of the plan?
Quoting: MrAC2U I am in the middle too. Think some of that billion will go to our mortgages? I don't know. There are over 100,000 homes underwater in my state. If they foreclose there will be another housing crash here. 100,000 families put out on the street? I don't think so, there has to be an equitable solution. Iceland does come to mind...
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