If someone can pay 2000 dollars a month for interest only loan, they won’t be on the street. I don’t know why people think that every foreclosure throw people out on the street.
Well said, Arty. I’m sick of reading or hearing that “families may lose their homes” on newspapers and news shows. How can you lose something that you don’t really own?
We have young families who bought houses they couldn’t afford, with little or nothing down. If their house is foreclosed, they’ll just go back to being renters. Is that so abonimable?
Bailouts and increasing FHA limits will only prolong the pain by keeping house prices inflated for a long time. Let the market work and correct itself! The sooner the better.
Can the government help? Yes! The goevrnment could threaten to take over and auction any abandoned house. That’ll keep prices low so that more families can afford a house!
