Great article on the subject on Housing Wire....I am not holding my breath on this coming any time soon. But I am hopeful for myself and so many others.
http://www.housingwire.com/2010/02/04/plan-to-cut-mortgage-principal-pitched-to-congress/
I would be willing to share in the loss of my home value? How about you?
Larry DeCoursey
TEAM702.COM
LAS VEGAS, THE MOST UNDERVALUED CITY IN AMERICA!
-to-congress/
Larry...glad that you brought this to our notice; did not hear about this before and it is of great concern;
Nothing that Dodd, Frank & Reid support in the area of Housing / Funding is appealing; witness the Fannie & Freddie mess of recent years & the NOW exempting them from holding-responsible-payment as in salaries. A return to the same situation in housing, though being called a new name, will be the result & it will not correct the problems in the Housing Market.
For any homeowner who did practice personal responsibility in purchase; who has or had a position in the Automotive, Building or Housing & related fields, and who now finds him / herself in difficulties- deserve helping Modification of loan. Who or what will assure, if this is adopted, that we will not find ourselves in a 'Groundhog Day" type movie plot.
Promoting personal responsibility in contracts or purchases should be tantamount in this country particularly now that there is talk about Lowering the AAA Bond rate of the United States of America--If you personally find yourself underwater, or your clients are experiencing such [NV is hard hit among other states], then I can see the attraction here.
Good that you did this post.
This is a tough one. Can we continue to give monies for the mistakes of our Congressmen? Surely, there has to be a better way to fix the mess that they helped to create. Here in Ct, Senator Dodd, is not running for re-election. The party got the message from the citizens in Ct, loud and clear. We have a lady, Linda McMahon running, who sounds good to me. She has her own funds (not donations from groups who want favors), won't need to be bought by anyone, and knows how to run a business. We can only hope to elect someone like her, to look out for our future economy.
Hey I am underwater... and sometime that ole payment is a struggle...especially on 100% commission based pay. BUT that was my choice (both of them) and if it fails or works that is also my choice...mostly. So get the govt out of the entire process or at least back to the more reasonable levels of 20 yrs ago. I know one thing for certain tomorrow will not be today... Let see RR would have had his 99th B'day this last week. Remember his quote... about the nine most feared words in the English language?? "I'm from the government and I'm here to help"
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