Read Bethany McLean's perspective on 30-year mortgages here, and Alex Perriello's solution to our current crisis in underwater mortgage's here. Alex's solution is eerily similar to the Van Niel mortgage solution (here), which I've been touting for over a year now, and not just because I'm married to the Van Niel in question.
Update (1/7/11): see here for how that proposal might work in practice.
2 comments:
I read your first blog post on the Van Niel plan, Nancy, and some of the comments. Apparently, some of those folks don't know how to read very well.
I think the Van Niel plan is very logical (which, unfortunately, means it is probably politically impossible). Why wouldn't the banks or investors (since many loans are sold by the banks) want to get something back rather than have the borrower walk and then have to bear the expense of fixing and selling the house again and taking the big loss?
To make the banks/investors and the borrowers share equity (as Alex Perriello puts it) would certainly help slow foreclosures and also keep the government from using taxpayer money for bailouts that then fail anyway.
Of course, the horrible job Treasury has done managing HAMP is another reason to not let the government get any further involved.
I'm quite sure your husband has proposed this to your representative and senators. I assume the response was either negative or, more likely, just ignored. .
I have a daughter living in Las Vegas who is in the same situation, only her house is close to $200,000 underwater.
Good one !! Apparently, some of those folks don't know how to read very well.
I think the Van Niel plan is very logical which, unfortunately, means it is probably politically impossible.
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