The Obama Administration backs the homeowner aid! The plan would allow the 8% of homeowners who are at risk of losing their home to borrow up to $50,000 to assist them with mortgage payments, providing the homeowner has a reasonable prospect of resuming mortgage payments within 24 months.
I am for helping out and being helped out, however loaning money to those who are already unable to make payments on their home is not the answer! That just puts them in more debt for a longer period of time. I wonder why the answer seems to always be "bailout"? If that is the case, banks should be mandated to modify the loans, lower the principals and adjust the mortgage payment and rate. Banks may still take a loss, would it be more of a loss than foreclosure? The government should stop focusing on quick fixes, and ‘bailouts".
Would love to hear the views of others.