No. of Recommendations: 1
OK, as I cross posted - I think we are on more common ground -
Yes CFC et al, should pony up a few billion to make this work.

I'm really not interested in helping out anyone who gambled and lost or anyone who got a sweet deal on interest rates on a temporary basis and doesn't want to make up the difference, which is what I think Mark is talking about.

I see 3 types of foreclosures (probably more).

1) Folks who were trying to flip houses and lost
2) Folks who knowingly took teaser rates and thought they could refinance and win out.
3) Folks who got talked into mortgages they couldn't afford and didn't understand.

Group 1: let 'em eat cake. Group 2: find a refinancing formula that ends up costing as much over the long haul as if they had taken out a conventional mortgage in the first place (with some penalty, but not killer). Group 3: find ways to let those who can make affordable mortgage payments keep their houses (some can't), subsidized by those who made big profits from making these loans in the first place (not taxpayers in general or future legitimate borrowers).
Print the post  


When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.