The housing crisis will continue as long as home owners must walk away from their homes in order to regain financial solvency. By reducing principal to a maximum of 130% of value and providing attractive interest rates for refinancing, banks could stop the continuing foreclosures on millions of homes that will never be above water with their current loan. Foreclosures are bad for everyone. People want to stay in their homes, but cannot find wisdom in paying endlessly into an upside-down mortgage. We need to stop pretending this problem will go away, and hold the banks accountable.
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