Word: mortgagee
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The only banks that could legitimately lose on this are those that hold nothing but good mortgages or tranches of good mortgages, with no bad assets. Since the Troubled Asset Relief Program has attracted such interest from virtually every bank, we can conclude that such good-mortgage banks exist only...
Other advantages of this solution are that it is universal and nondiscriminatory: every mortgage holder in the U.S. gets a break. Homeowners without mortgages also benefit, as foreclosures directly lead to deflated home values, and the number of foreclosures will be reduced considerably. At the same time, the banks' assets...
Word has leaked out, or has been leaked, that the Administration will propose a very large program to help homeowners who have good intentions and strong moral character make their mortgage payments if they reach the precipice of default. Reuters reports that "under the evolving plan, homes would undergo a...
It is not hard to imagine that taxpayers will end up helping to pay for the mortgages of people who live in their counties, towns or neighborhoods. One homeowner might have part of his taxes paying a part of the mortgage for the house across the street.
If the mortgage program does work, the road to perdition will have been paved all the way to its end. But people may not mind taking this road, if the destination is one where housing prices will not be down an additional 15% or 20% over the next year.