[quote=UCGal]I agree that things worked much better when larger downpayments were the norm. But just instituting that rule, going forward, won’t fix the current mess. The current mess needs to be unwound before we’ll be out of it. Unfortunately, the loan mods and other “fixes” for current underwater mortgagees is just an attempt to kick the can down the road.[/quote]
There’s no ‘fixing’ the current mess. We just have to take the losses and get on with it. Unfortunately, a lot of people with political power are trying to use that power to get someone else to take their losses.
