The Obama administration announced yesterday a plan to reduce the amount some troubled borrowers owe on their home loans. Here are details of the plan from documents provided by the US Department of Housing and Urban Development. http://tinyurl.com/home-loan-plan-pdf
My feeling is that we need to recognize that a mortgage problem exists in this country and our choices for what to do about it are the proverbial rock and the hard place.
Say a family owes much more than their home is currently worth and now this family has circumstances (unemployment, a health issue, etc.) making their mortgage difficult to pay each month. Is better to see them walk away from their home and mortgage, or is it better for the economy and all aspects of our society to work with these borrowers and keep them in their home?
I have agree with the administration. I just hope the White House plan will help more borrowers than it riles.
