Renting doesn’t have property tax and maintenance either…
I get the sunk costs, it’s all completely logical. If I was the bank, I’d cut that deal. If I was your friend, I’d cut that deal. If I was running the government, I’d cut the deal.
I stand by my original soundbite. The deal for many will be financial serfdom.
Your friend will be fine, a new career, willing and able to change careers to stay where he wants to stay is a total win. Their income will probably rise faster than the 6% payment increases. Don’t know if that is true for the masses.
The big brains in Washington think realising the loses is too damaging. They also have amassed $13 Trillion in debt. I have my doubts.
