Banks are holding mortgages and only allow refinancing of loans made on the original home's purchase prices when values were inflated. Mortgage holders needing relief from excessive mortgage payments are forced to refinance their homes for thousands of dollars more than their homes and properties are worth. Mortgage lenders and banks, complicit in the economic downturn, should be required to write down the principle on homes to current values when they refinance. Home owners traditionally enjoyed building equity in their homes but now because of the economic downturn are underwater and paying more for their homes than they are worth. Many homeowners made an investment in their home and are now struggling to see any reason to keep paying their mortgages.
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