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Does mortgage principal reduction work?

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  • Jerry Carll | | 09 Apr 2012, 06:52 PM Agree 0
    Not reducing principals because it will be "too costly for taxpayers" is the most ridiculous pile of propaganda I've seen yet! Tax payers have not lent money to anyone. We have no control over what giveaway programs use our tax payer money for because after we pay it, it belongs to the government to waste. These reasons why Freddie and Fannie aren't doing principal reductions are insane. Their set up to make the people think that it is their problem to not do principal reductions when all along it is the their government who created problem. Get that decision out of the insano think tanks and just simply look at how it will affect the tax payers. Is it the greatest good for the greatest number of people?
    Let's see, it will put more money in their pockets; it will allow them to keep their homes after the government namely Barney Frank and his cohorts created the Option Arm mortgages and crashed the economy; it will allow the tax payers to recoup some of their equity in their homes which is one of the reasons they bought a home in the first place; it will end the foreclosing real estate problem the government created by allowing people who could NEVER afford a home to buy one for a short time until the time bomb of market rates caught up with them in 4 years, ALL to increase votes for the government idiots who created that mortgage; JUST FOR VOTES!! SO THE NON PRODUCERS COULD KEEP THOSE IDIOTS IN OFFICE!!!
    And then when the people start to find out what these congressmen AND WOMEN did, the congressmen and women start to encroach on our Constitutional rights so that the people can't be affective at communicating those criminal acts to others and blame everyone under the sun for the devastating damage the government did to the hard working productive tax paying people of this country.
    I frankly believe that all of the government officials who created this situation and their hidden backers are guilty of treason and should be locked up or thrown out of Congress without a pension.
    Millions have lost their homes and businesses and jobs ONLY because of those governmental people.
    It's time the government and Fannie and Freddie took responsibility for the chaos and absolute devastation they have allowed to occur with the financial institutions of this country and the world and reduced the principals of homeowner mortgages SIGNIFICANTLY right now and makes things right.
    Then I think that amortized mortgages as we see them today should be outlawed. Home buyers pay multiple times the value of their homes with these mortgages as they are structured and don't need to do that.
    A mortgage should not generate more principal for the lender than the principal amount of the Note. the interest portion of the payment should go down with each payment of partial principal. Make the mortgages sane. Leave more money in the economy for businesses and jobs and allow home buyers to own their properties free and clear as soon as possible. That is the American Dream. Anything else is a lie.
  • Dennis Wilson | | 11 Apr 2012, 09:48 AM Agree 0
    Principal reduction programs needs to be open up to Super Jumbo mortgages above $1,000,000 plus as well!
  • Dennis Wilson | | 11 Apr 2012, 09:53 AM Agree 0
    Principal Reduction programs should be open to Super Jumbo mortgages over 1 Million and up! It's amazing how many high homes that are under water and need help as well !
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