Sad part is a lot of people got "underwater/upside down" when they refinanced their homes to buy new toys. Some in our area that I know bought a new truck, camper, atvs, watercrafts and snowmobiles. Added $150,000.00 to their home mortgage. When the economy went south they sold all their toys at great looses and are now "upside" down.
that's how we picked up our rental. they did one of those 125% equity things and lost the house to the bank. i don't feel bad about that.
The homeowners are still stuck, but now they might have more manageable monthly payments. Would it be better for that extra $200 a month to go in the pocket of the Wall Street Bankers or the main street workers? What have the Wall Street Bankers done to stimulate the economy with the trillions of tax dollars they've gotten?
Why are the Republicans so adamant against any plan to help debt ridden main streeters when they are so willing to pour as much money onto Wall Street as Wall Street wants? Yes, people have make some bad and dumb decisions, sometimes not of their own fault. But what about the bankers!
why didn't the home owner refinance under the last program that the president said "didn't work as well as we'd hoped"? why didn't it work. who is going to pick up the cost of the program? who is going to own or back the mortgages? isn't that how we got here in the first place?
what about the bankers? tell me about them in some detail so i know what you are talking about, please.