It always takes me a little while to really understand (if I really every do) some of the political and financial deals that make the headlines - I usually have it oversimplified, and such may be the case with the current bail-out of bad mortgages, but listening to reports got me thinking.
- Homeowners who cannot make their mortgage payments are going to get some sort of assistance to refinance their loan AND in the process they'll get their property re-evaluated so the loan will reflect the new lowered value.
- Lots of people will be doing this, and supposedly they will then be able to keep up with their payments, including insurance and property taxes.
- What about the rest of us who are making their payments? Will we get our property values and mortgages lowered also? Doesn't seem likely, but wouldn't that create a multi-tiered housing system? And what would the true value of properties be at that point?
- Who would set the value on property being sold? Seems like property owned by those of us who pay our mortgage would be priced quite a bit higher than that of someone who got bailed out.
I'm sure it can't possibly be this simple, and I'm sure that it will be an equitable housing market... I'm sure all that has been accounted for....
right?
1 comment:
my view, it hasn't all been accounted for. it's a bailout for people who were too ignorant to read the fine print and account for their own greed. what about those of us that have no mortgage? does the government cut us a check for $300k because we realized the bubble was real and stayed out of that market? seems unfair to me.
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