 Quote:
Zandi believes that eventually the government will have to set up what amounts to a mortgage clean-up fund, similar to the Resolution Trust Corp. that was created to buy up loans after the collapse of the savings and loan industry in the late 1980s. Under such a plan the government would buy up mortgages at risk of default — at a steep discount — and work out new terms with homeowners.
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Interesting read ... Funny to see the reference to the RTC.
Don't think changing bankrupcy law is the right move. Why do we need the judicial banch setting interest rates? I'ld rather hire a plumber to cut my hair. I mean I'ld NEVER loan money again if the terms can be altered in court (most lenders have to thinking the same thing).
Foreclosure solutions won't be easy - Mortgage mess - MSNBC.com
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FIRE'd since 2005
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