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Let me go from a different direction on this... and it goes with some of what you say, but also is where I am at...
When I bought my house, I got gvmt assistance.... it was back when the interest rates were very high and they had first time homebuyer mortgages that were backed by local bond issues... I was 'poor' and 'deserving'... if there are some 'poor' and 'deserving' folks who are actually living in their home that is valued at less than the medium home price... then maybe, just maybe I can agree that a break is OK...
But, if someone is in a $200K or $400K home, or is a flipper and got stuck with the property.... screw 'em...
My point.. the crisis is more than just people getting kicked out of their home they scrimped and saved to get into... some took out second or third mortgages and bought 'stuff'... and now have to pay the price.. so, sell the Mercedes or the BMW, stop the expensive vacations and other cash eating activities... and pay your mortgage...
From what I understand... if you 'can' pay, you still will have to pay.
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