Throwing good money after bad…rescuing homeowners
It’s time to cut the bull. Move on. Billions of dollars have been spent on the government home rescue plans and the housing crisis is still here with us. It is not getting any better. House prices are down about 50%. As much as 60% in some areas. California, Nevada and Arizona have been hit hard.
My suggestion. The government buy all these home 50 cents on the dollar. The homeowner walks away. The home owners rents the property as a lease sale agreement. The deal is for 3 years. In 3 years he has to buy the house at an agreed upon price. If he doesn’t he loses all the extra downpayment money.
As it is now investors with cash are going to make a killing. The government can cash in. The homeowner gets a chance to start all over again with a clean slate.
Patrick
Add comment March 27th, 2010
