Sharp45

Excluding Five Worst States, November 2008 Foreclosures Down by 1.10%

Bans on foreclosures can't last forever. Artificially low mortgage rates can't last forever, neither can this proposed FDIC plan to bailout underwater borrowers. It blows my mind that people think we can just postpone this pain eternally.

We will never completely stop propping up home prices artificially, but doing so at current levels is insane. Mortgage interest tax write-offs and artificially low rates have done more than enough. There is absolutely no need to further fan the flames with principal reductions, mega-low-rates, and other morally hazardous reward structures.