America this women has all the wrong answers, she continues to tell everyone to have at least 6 months savings! Who in the world is saving money at this time and 6 months worth......NOT ME!
She was on CNN Anderson Cooper last night and continued to speak about the housing crisis, she talked about people in Tampa who have a house they bought for $600,000 and it is worth $200,000 today. So these individuals are saving their money like she said 6 months worth, getting foreclosed on and then getting a friend or another family member to buy a new house with the money they saved.....What is wrong with this picture America? If people all across America are doing this because they think their houses are not worth what they paid for them, then we are in big trouble.
Creative Conclusion;
Every Bank had better get out there and appraise these houses all over America, then take the hit and refinance the house for what it is worth today. Don't give back any money to the individuals living in these houses but set up a new finance system to put the loses over here and the new finance over here.
Let's say your house was bought at $600,000 but today the bank appraises it at $275,000. The bank needs to refinance the house for the $275,000 and the other $375,000 will be taken care of by the money they get from the government. This way the banks are not out any money and the person living in the home can now afford to make their lower payments. It is too simple people.............let's bite the bullet and get on with our lives......
Posts
No comments:
Post a Comment