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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Jet.Screamer who wrote (161133)10/29/2008 11:38:17 PM
From: neolibRead Replies (1) of 306849
 
Yes, my thoughts as well. What they should do, rather than wack the debt, is convert the loans to fixed rates, 5-7 years at APR's that are a couple % above mortgages, and the banks can go backwards and wipe out any prior effective interest above those rates if they want to reduce the debt.

My guess is that the claimed 40% reductions are nowhere near 40%, they are more like wiping out 25% interest rates plus a lot of penalties that have blown up the debt. Don't hand these banks any taxpayer backing, let them solve their own stupid problems.
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