mikeylikesit

Hitting the Reset Button On Home Mortgages

Let's all be honest also... like the author, I can't wait for some folks in my neighborhood to be foreclosed on. Hoodlums that should have never been able to move here.

I've been saving money just to buy their foreclosed properties and now it won't happen.

Hitting the Reset Button On Home Mortgages

Hmmm... so the plan is to reduce the principal of the loan to the subprime borrower. Did I summarize that correctly?

Hey, what about me? I bought a home for $251,900 in 2005. I paid down $52,000 already. Yep, I got extra money and expected the stock market to tank someday soon... So, I kept making big lump sum payments to my mortgage figuring 5.875% return on those payments were better than the market beating I'd take soon.

So I guess I wasted my money. The government would have regulated my home to a principal balance of $200k without any help from me.

Man, do I feel stupid for being responsible.

No... seriously... I feel really really really stupid.