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Taxpayers Fund HAMP Enhancement | Add Comment

  • Principal Reductions 2/5/2012
    It's probably time to consider principle reductions now. For those millions of homeowners who are under water and still paying their mortgages, the idea of so many others not paying may spread like wild fire. That would be worse. Now you have many more non paying assets and this will cause additional damage to local and national economies. By reducing the principle down now, when we're as close to the bottom as we've ever been, you would prevent further sliding of our economy and avoid displacing millions of people. I'm no an economist so I know not the financial implications of the principle reductions to the tax payers or to the banks, but I do know that it would go along way in creating a positive image for the goverment as well as the banks to extend to struggling homeowners the same benfefit that the TARP funds delivered to the banks. Or better yet, just let the homeowner re purchase their home at the current rate like the millions of short sales that are going on right now. What's the difference in selling the home to an arms length buyer and letting the homeowner, who is on time on payments, to repurchase their home at market rates? There is no difference.

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