That is a gift to the home owners…..
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I have a B of A mortgage. But I’m not upside down on my house. So it won’t work for me. Refinancing 15 yr at 3.0% anyway.
So if people are under water they just give them cash?
Glad I followed the rules and saved. Punish success, reward failure.
What are the people with previously negative equity that just got a bailout going to do but what they did to cause the problem and SPEND, SPEND, SPEND and create unsustainable growth that inflates the next bubble?
You are completely wrong. This is something that even the Nobel prize winner prof. Joseph Stiglitz suggested to do in his book Freefall.
If the system was able to bailout all the big players (just check Privatizing Profits, Socializing Losses), who were responsible for the crisis, why the heck it could not help to the poor people who were just drowned, when their house value felt down. It is hard to be “responsible” when the politicians and economists tell you that the growth of housing prices is constant and will never change.
John B I do not get your point. Who is “completely wrong” and why?
The school of thought that one should socialize losses and privatize profits is that of neolibralism. That the individuals should share the costs.
But what does that have to do with people’s spending habits sending money fueling growth? Or punishing success and rewarding failure?
If you are responsible, you are in a better position to invest. To take it to the ironic extreme, you are better in a position to be irresponsible and buy another property or 2 or 3 irresponsibly… http://stocktradinginvestments.com/real-estate-in-2012/