The Deadman Night Rider

A forum for evening students of the SMU Dedman School of Law and other outlaws..

Saturday, October 25, 2008

Sign me up please!!

Click here for a wholesale plan put forward at Opinion Journal to forgive 20% of every mortgage, with the proviso that they then be refinanced over a 20 year term. The writers propose two conditions that are supposed to reduce abuse:

There are two additional conditions that must be added to these new mortgages, to make them less of a windfall for borrowers. The house could not be further encumbered by a home-equity loan until the government mortgage is fully paid off; and the mortgage-holder would be fully liable for the loan, unlike almost all other mortgages, which are backed only by the house itself. Requiring the new mortgages to be "full recourse" loans will tend to screen out of the plan those homeowners who can currently make their mortgage payments, and will attract those homeowners who are willing to assume personal liability in preference to foreclosure. (my emphasis)

Help me out here: if (as now) I am comfortably making my mortgage every month, and after this government-backed refi, my monthly payment will go way down--making it even easier--why wouldn't I jump at the chance to pass 20% of my principal balance on to all of you other taxpayers out there? Make it full recourse all day long, baby--I've got equity now, and I'll have 20% more after your plan. How does my position really change??


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