Word: mortgagees
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As the housing bubble inflated, the math increasingly favored renting. House prices went up and up while rents stayed relatively flat, meaning you could get a lot more bang for your buck by choosing a lease over a deed. Now, with the housing market in a pulp, the tables are...
Sure, it's easy to toss around reasons it's always better to be a homeowner (that mortgage-interest deduction) or it's always better to be a renter (no property taxes, and who wants to fix his own garbage disposal?). The more complicated truth is that at certain times...
Plus, Baker plans to stay put for a while. That also influences the math on how financially savvy it is to buy. The government mortgage agency Ginnie Mae has a rent-vs.-buy calculator on its website - using the default settings, buying starts to make sense after committing to stay...
An alternative to HAMP would be the proposed "cramdown" legislation, whereby a bankruptcy judge would be given carte blanche power to modify a loan by lowering the interest rate, reducing the principal amount or extending the term of the loan to make the monthly mortgage payments more affordable to the...
However, the cramdown proposal has not gained momentum in Congress: many fear it would destabilize the mortgage industry in the long term, since lenders would be reluctant to make future loans and bondholders would be reticent to purchase them if the terms could suddenly be changed by a judge at...