Why don't the lenders increase the times of mortages to solve foreclosure crisis? They could still get their $
It would seem possible for a lot of people to keep their homes if the terms of their mortgages were increased. Making a 30 year note a 50 year note would allow the lenders to get the agreed upon interest but keep the monthly payments affordable. This makes more sense to me than Federally funding some sort of "Bailout". We all know where federal funds ultimately come from. This seems like a simple solution , but I have never heard it mentioned.
Tagged with: bailout • federal funds • lenders • mortgages • simple solution
Filed under: Foreclosure Solution
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Thus far, there is no "federally funded" bailout. The currently announced plan is a voluntary one to get lenders to extend and restructured certain ARM loans.