The American homeowners are the backbone to this country & they are in dare straights. Their homes are not worth the amount they are paying and are upside down on their house.
If the White House made it mandatory that all banks refinance all home loans to what homeowners’ homes are currently worth, then with the extra money the homeowners will save, they in turn, will use the extra cash from their mortgage to put back into our economy. Also it doesn’t matter whether the homeowner is late on his payments or what their credit score total is, a refinance will bring it up to date & with a smaller payment, they won’t be late again. Yes, the investor will take a small hit but the outcome of US is more important than the few dollars they will lose.
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