;^)
You mean that people that couldn’t afford interest only loans couldn’t afford refinanced interest+principle loans? Golly, didn’t see that coming.
It failed because we didn’t spend enough on stimulus.
[Channeling Krugman, Reich, etc]
;^)
No job. No income. No problem.
Here. Have a $500K house. Oh wait. I have this house in foreclosure overlooking the Pacific Ocean in Montecito, Laguna Beach, Santa Barbara, Crescent City, Everett, WA,.....and then, there’s always the Hamptons. Want to take a look at this estate that’s on the market?
If you want families to escape foreclosure you will have to keep them from realizing that the appraisals they got when they baught the properties were fraudulent, and they were upside down up to thrice the actual value of the property the moment they signed the loan. None of this real estate has just suddenly lost so much of its value in the last year and a half, rather - the value was vastly overstated.
The only possible way to keep all the home owners from escaping through foreclosure, would be hiring mercenaries to shoot them.