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Joined: 14 Jul 2007 Posts: 0 Location: Greater Boston
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AgentGrn
Joined: 28 Sep 2006 Posts: 82
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Posted: Wed Jul 25, 2007 5:21 pm GMT Post subject: |
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Imagine that ... foreclose and get your first/last and moving expenses as you re-enter the rental market.
The silver lining in this, is that the idea of subprime in MA will be completely eliminated. It's bad enough to lose money on the house, but a couple additional thousand plus some cash back to failed borrowers should make reckless lenders a bit more risk-averse.
Then, maybe, prices will start to sink to an affordable level. |
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admin Site Admin
Joined: 14 Jul 2005 Posts: 1826 Location: Greater Boston
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Posted: Wed Jul 25, 2007 5:50 pm GMT Post subject: |
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I actually like this proposal quite a bit more than the bailout plan that went through earlier. The bailout plan prolongs the effects of the failed financial arrangements, disproportionately benefits the lenders (or their successors), creates a moral hazard, and is paid for by the tax payers. This new proposal, on the other hand, only helps the overextended borrowers and doesn't absolve them of responsibility - I assume that their credit would be ruined in the process, so this only helps with the immediate problem of shelter. It's too bad that the original bailout plan wasn't similarly targeted.
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