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Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: JakeStraw who wrote (59896)2/23/2009 1:23:02 PM
From: TimF1 Recommendation  Respond to of 224750
 
Important point from that editorial

"Obama's so-called mortgage-rescue plan amounts to $275 billion in new debt that will have little if any lasting impact on deeply corrected housing prices or the mortgage-default problem that stemmed from the insistence of government to throw home loans at lower-income people.

A modest reduction in mortgage rates will have little impact on home prices, as Harvard professor Ed Glaser has shown. And by the way, re-default rates on modified mortgages have been running 50% to 60%. This is not going to change. So why should we throw more good money after bad?"

ibdeditorials.com



To: JakeStraw who wrote (59896)2/23/2009 1:29:40 PM
From: Kenneth E. Phillipps  Read Replies (2) | Respond to of 224750
 
According to the U.S. census, there were about 75 million owner-occupied homes at the end of 2008. By our math, that means that the $75 billion being spent to prevent foreclosures works out to about $1,000 per owner occupied home. Which means you’re spending $1,000 in taxes to head of the loss of $20,000 on the value of your house. These days, that doesn’t seem like such a bad investment.

msnbc.msn.com


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