Jack Kirkpatrick
02-06-2009, 12:06 PM
If the government rewrite's the mortgages using the Mortgage Modification Platform for those homeowners in foreclosure, shouldn't the government get half or more of the profits from the future sale or refinance by those homeowners that got the write-down to cover the "loan?"
If your answer is "No," then "Mo Mod" should not be passed. Of course, the government should ensure that the homeowner receiving assistance keeps their home in top shape - repairs, painting, upkeep....!
I think the taxpayer should get something for assisting the homeowners in or near default and those that can't possible support the modification terms should be turned away and let the private sector dispose of the property accordingly.
I bet I do not hear this option on the floor for discussion. This investment by the government will get more support from those taxpayers who are making their mortgage payments if the "profit" is shared with the homeowner.
It is possible that the entire profit from a sale should go to the government if the write down does not cover the costs of their existing purchasing price. We need stings attached to encourage a market economy to keep government affordable and able to meet a future crisis.
If your answer is "No," then "Mo Mod" should not be passed. Of course, the government should ensure that the homeowner receiving assistance keeps their home in top shape - repairs, painting, upkeep....!
I think the taxpayer should get something for assisting the homeowners in or near default and those that can't possible support the modification terms should be turned away and let the private sector dispose of the property accordingly.
I bet I do not hear this option on the floor for discussion. This investment by the government will get more support from those taxpayers who are making their mortgage payments if the "profit" is shared with the homeowner.
It is possible that the entire profit from a sale should go to the government if the write down does not cover the costs of their existing purchasing price. We need stings attached to encourage a market economy to keep government affordable and able to meet a future crisis.