Too Little, Too Late?
Homeowners should know that adjustable rates can go up and that housing values can go down. How much responsibility should they assume?
In all cases, a homeowner will end up assuming some responsibility on a go-forward basis. I don't think anyone is looking to give homes to people.
But why write down part of a delinquent homeowner's mortgage, while other homeowners who make timely payments get stuck paying the whole principal? Isn't that unfair?
Part of the challenge we have now is the broader economic impact of what we are seeing. Further foreclosures will cause further erosion of housing values. If two people on my street go into foreclosure, even if I pay my mortgage [on time] my house will be worth less. I'm not sure it's in anyone's interest to let this spin out of control.
Do you think the foreclosure rates could continue to climb?
We haven't seen the worst of it yet. There'll be more resetting [of adjustable mortgage rates] over the next year or so. By some estimates, if we don't get ahead of this, before the number of resets peaks next year, we could see the largest loss of home values since the Great Depression.
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Member Comments
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