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The majority of these loan's (due to death, relocating of familie's etc) would be paid off way before 40 or 50 years.
Leaving it up to the bank's to do this is akin to putting the fox in the hen house to protect them.
"The Change We Need" must come from the Federal government.
ciro9 3 years ago
"The Change We Need" from President elect Barack Obama which I doubt very much he will do since he is a proponent of Moratorium's which has been proven to only delay the unavoidable, is to federally mandate long term loan modification's (interest) on behalf of "all Americans" with Sub Prime and ARM Negative (minimum payment deferred (home equity destroyer) interest mortgage loans at a fixed rate for 40 or 50 year's to spread out the payments.
ciro9 3 years ago