Fed Governor Randall Kroszner said the joint guidance was meant to encourage the companies that collect payments on mortgages packaged into certain debt securities and sold in debt markets to “reach out to financially stressed homeowners.”
“Keeping families in their homes is a matter of great importance to the Federal Reserve,” said Kroszner, one of the Fed board members who has taken the lead in dealing with the mortgage crisis.
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The President, Congress, and now the Fed want to “keep families in their homes…” families or FLIPPERs who were irresponsible enough to take out 100% financing or other risky ARMs/interest only loans for homes they could not afford help create the rise in home prices in the last 4-5 years…What about helping responsible families who are patiently waiting for the market to correct itself and are saving for at least 20% down for a house they can AFFORD?
A home is a place where you or your family loving reside…it does not have to be a house, families can make a home in an apartment, the government does not have to bail our irresponsible people with our tax payers dollar. Instead, why don’t we use the money intended to bail out these folks and just give a refund to every tax paying individual?
