Mortgage Relief - A concerned American’s solution to the mortgage melt downs
June 28th, 2009 by Lenny
A concerned American’s solution to the mortgage melt downs
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weejec: since gas prices fell over 50%….discretionary income HAS gone up and FAST…that average American who drives 1000k miles a month is saving abut $100 a month compared to the height…it just needs time to reflect in the economy…we will be ok…but if the government starts mandating the interest rates that banks can charge….it would be disastrous as many bank would get out of that business
the problem with a flat, government enforced mortgage rate is not the stability issue. that is indeed a benefit. the problem is access. that rate, that percentage figure, represents the bank accounting for the risk of a default (this is essentially self-insuring). The lower the enforced rate is, the fewer people the bank will feel safe lending money (only the best off financially; the least risky). the market is more efficient than the gov in finding the optimal rate. there is no panacea.
Borrowers who are in ARMs are bad payers, you can modify thier loans to a 4% IR and they will still falling behind in their payments becuase they are bad payers, these people dont know how to handle thier debt, they want more and more without making enough. I think these people should learn how to handle debt before getting a mod.