0bama is going to force banks to refinance mortgages for folks that are underwater with their home values.
Isn't this what happened the first time?? And what about those homeowners that don't have jobs and are making their house payments from their savings and borrowing from family members?? They won't qualify for a mortgage if they don't have a job.
What about those homeowners that have taken part time jobs and are barely squeaking by. If their income will not allow the mortgage repayment they won't qualify for a new loan.
Isn't this how we got in this mess?? The government messing with the lending industry to let people buy houses they couldn't afford.
Mortgage | Homeowner Bill of Rights | Barack Obama | The Daily Caller
What ever happened to the idea that if you cant pay your mortgage you lose the house.
Buying home is a GAMBLE. Sometimes you win, sometimes you lose.
People losing their homes is the problem. You don't fix that problem by making more people lose their homes - you exacerbate it. And you make neighbors who ARE making timely payments absorb the cost of the bad decision of others.
Instead of refinancing they should move the families into cheaper homes that they can afford. Not force others to pay for peoples bad decisions.