A statement was issued recently that even if current administration attempts of modifications are successful, there are still 3 to 6 million foreclosures expected in the next few years, and 300-500 banks could fail.
Logically, there is nothing they can do to stop it. The “Deed for Lease” program from FNMA to rent back to those who deed their property back is just another feeble hope of slowing the train wreck.
Rewarding people who made poor choices by allowing them to stay in house that they cannot afford is irresponsible.
Billions upon billions of dollars has disappeared in perceived wealth, never to be seen again, yet so many people continue to spend like they did 5 years ago…so many people are still in denial about what could happen in the next 5-10 years.
The govt will continue to spread false hope that it’s improving because just imagine what will happen if they don’t….
