Just to make the homes affordable to those ';naive'; home-owners, instead of subsidizing them with free money from taxpayers? Fed won't have to lower the rates to funny level. Banks get the interests of the loan paid. Savings also earn reasonable interests. This will motivate people to save instead of creating gigantic debt in the future. How about extending the terms of soon-to-default mortgages to 50+ years?
I have a better idea. Why don't we just let the idiots, who bought houses they couldn't pay for, go ahead and default. Then those of us who haven't been able to afford one, can now buy into a cheap home.
Let the fools pay the price for their foolishness.
Where is my bail out?How about extending the terms of soon-to-default mortgages to 50+ years?
What incentive to hard working people have to pay off their mortgage on the time that they are supposed to if you can get a 50 year mortgage instead. Let capitalism be capitalism. Things will work out for the best. On paper it does sound good but there are many other factors to be considered and that's where you might find out that it probally won't help.
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