What is the best way to solve the mortgage credit crisis? Should the government be involved?
by Mortgage Rates on Friday, November 12th, 2010 | 3 Comments
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It’s in the process of working itself out now. The worst is current, and will be fading in a year or two. The government has already helped out.
The best way is to let this play out with the government not butting in. Let the borrowers and lenders figure out for themselves. The lenders can offer some help in the forgiveness of some of the debt or lower interest rates or foreclose on a property they don’t want and can’t sell. But we are the Government. The Government gets it’s money from us paying taxes. I didn’t take out a stupid mortgage, I didn’t default on debt. Why should I bail out a bank or a bad borrower for mistakes they made?
It was the government who caused the problem..they told banks that everyone deserves to have a house and the banks did not have to abide by the laws that required..down payments…good appraisals…proof that you are working and the income you say you have is truthful . Now freeze any increases in mortgage payments…the problem is that many people never made even one payment on the mortgage….