Another Housing Bailout Plan
Another day, another bailout proposal for banks and homeowners. Today it's economist Martin Feldstein's turn. His plan, as delineated in the Wall Street Journal, would have the federal government lend homeowners money at a low rate, allowing them to reduce their mortgage by cutting interest and principal payments by 20 percent. Whether it is this plan or some other, look for Uncle Sam to step in big time.
Tags: housing market
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Reader Comments
It's not JUST the ARM and sub-prime folks with problems
I have a 30 year fixed at 6% mortgage. I was medically retired which caused a 75% cut in my income. I had to relocate out of the state where the house is located to take a job and am now living with family but the house has been on the market since 3 Jul, 2007.
Smells No Go (comercially known as Wells Fargo) refused to consider an offer on the house in December as I wasn't far enough behind in my payments. I am now nearly 60 days behiind in payments and they are dragging their feet on a second offer that is about to expire.
The wave of foreclosures and fire sale auction pricing of the sub-prime properties is killing the rest of the market too who need to sell.
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