The big boys have already said that they will do whatever it takes to clean up the aftermath of the party.
Think about Times Square on New Years Day. The party was fun, but what a mess to clean up.
Even if they lower rates to 0%, (which won’t happen)
Joe6pack still owes $500K on a house worth $350 today.
The 100% financing that they bought with is no longer available. The pool of potential buyers has disappeared from the horizon, like cockroaches that scramble when the lights go on. They are nowhere in sight.
The house is unsaleable for more than 65% of what they owe.
It’s only a matter of time until walking away becomes the only option, regardless of what the DC clan is saying about wanting to help homeowners save their piece of the American dream.
Like a bottle of milk well past its expiration date, the American dream has soured for many, and will never taste the same. You can’t restore the flavor after it has curdled.
