Nothing surprises me any more. The main goal of a lot of the activity going on is to keep home prices high, and to keep as as much of that inflated value in the pockets of existing homeowners, either by supporting the prices, or repudiating the debt used to buy the homes, or both. [/quote]
PR, while I agree with your post, I have to point out that the government is more focused on the long term effects of their bailout plan than the actual homeowners loss. Am I correct in assuming that all loan modifications have some sort of sale clause that puts a percentage back in the pockets of our government once a sale has been made on a property with an existing LM?
Let’s be honest no one that bought from 2003 forward (aka the majority of the irresponsible) has any equity anyway and I can’t assume these loan mods will actually put equity in their pockets if they are upside down. So the essential thought that we are bailing out the irresponsible is correct, but in reality this is nothing more than a ploy for our government to make its’ money back. Which sounds more like a fairy tale if you ask me!
