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  • Mortgages: More Support for Principal Reduction [View article]
    Bad math. If a trillion in mortgages is 20% underwater that is $200 billion upside down. Still a pretty big number and the banks are holding $800 billion in real estate (today's value???). Easier to give across the board principal cuts on all fannie & freddie backed mortgages originated in 2004 thru 2006. Reduce all government backed mortgages by 20% and the bond pools take the same haircut. Instant equity for a huge number of homeowners and less chance they will walk away. Also, lower payments and a chance to refi the mortgage at current rates.
    Aug 02 12:47 pm |Rating: +2 0
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