[quote=creechrr]I feel more like a sucker every day. All this time I thought I was being smart by not getting in over my head. Jokes on me.[/quote]
I agree with you, creechrr. You have been taken for a sucker, bigtime. If your friend goes through with all the mods, including the mod on his first as suggested by sdr, his condo will not be coming on the market for a long time. Multiply that by a million and you have a significant suppression in supply to the housing market.
So your tax dollars are paying banks to forgive loans to take homes off the market, to keep home prices high. Your taxes are being used to make home prices higher for you, if you are a prospective purchaser, and to protect those who went ahead and bought homes, or who loaned money to others to buy homes, without paying attention to the bubble prices.
It’s an ugly setup only bankers, those who make a living from RRE, and existing homeowners could love.
