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Senator McCain announced a plan last night for the Treasury to directly purchase home loans from borrowers and servicers at full price and then give the borrowers cheaper fixed-rate FHA backed loans at lower principal values; in other words, give people their overpriced homes for free.
Originally posted by Gregarious
'...in other words'? I disagree, it does NOT say give away for free. It says at a lower, non userious rate.
Originally posted by anotherdad
reply to post by ezziboo
Idiot and non idiot, It's up to the current bank that holds the note. They are the one who agrees to rights down the note and get rid of it. But, with the bailout why not? Send in the reciept to the GOV. and get reimbursed.
I do not like the Gov. stepping in BUT, for those who did it right this is the only way to save the equity in there house. If not values tumble much further and they will soon possibly be in the same situation.
In fact we are and have been forced to cut of our nose to spite our face.