I've been watching MSNBC, along with generating new leads and working my current files, all morning. The focal point of discussion has been surrounding whether or not our current president will be able to save the housing market by allowing troubled homeowners to re-finance their current mortgages into lower monthly payments, and providing aid to banks that currently hold the troubled assets. For the most part, I've been hearing three varying opinions regarding whether or not this type of bailout would prove beneficial to the current state of the real estate industry.
1) There is no benefit to current homeowners who have equity in their homes and have maintained monthly mortgage payments as scheduled.
2) It somehow "forgives" reckless behavior by homeowners who are currently behind on their mortgage payments and are in jeopardy of foreclosing because of poor financing choices and/or reckless spending habits.
3) Because foreclosures tend to negatively affect property values, this plan would benefit communities in which current home owners have been overwhelmed by negative equity by reducing the amount of foreclosures within their communities.
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