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Oh, so the homes get refinanced in the process? Does that happen every time the market cycle goes into a down turn, or just an one and done in the kick the can
by cinquemb 13y ago
Oh, so the homes get refinanced in the process? Does that happen every time the market cycle goes into a down turn, or just an one and done in the kick the can down the road kind of way?
- fnordfnordfnord 13y ago>Oh, so the homes get refinanced in the process? That's what they're selling. Whether it really happens...? It wouldn't be the first time a gov't entity promised a plan that would 'help' homeowners and that plan failed to actually do so.
- cinquemb 13y agoOk, so basically the fundamentals aren't really being addressed to why this is even a problem in the first place, and the game can go on for another day. Fun to watch… As an aside, I wonder if it would just be better sign yourself onto a mansion, get your neighbor to burn "your" house down (using pgp to communicate this with temporal keys), collect insurance, cover neighbors bail and skip to the some emerging market (with no extradition treaty with the US or its allies) together with your "ill" gotten earnings in ones under luggage. </joke>
- fnordfnordfnord 13y agoMay there be a throng of distraught weeping bankers and insurers at your funeral, sir.
- mbreese 13y agoYes. (from the article) The city buys the original mortgage and then sells you a new mortgage for a more appropriate valuation. This would hopefully be a one and done deal, but it does kind open a pandora's box in the process.