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Floppin

Iceland Forgives It's Populations Mortgage Debt.

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I think it would be an awesome idea. The only problem is that our whole banking structure is based on fake money, especially where mortgages are concerned. In leymans terms, banks are able to loan out money with only fractional true monetary backing. Not to mention all the "guaranteed' mortgage backed securities that people have their retirement investments in. I'm not sure how the Icelanders worked it all out but I would love to see it happen here.

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Just let me know ahead of time so I can go out and borrow on a second home. I did without a lot of things to save and pay mine off early. Drove old cars, very few vacations, etc. so don't change the rules now just becuase our society is all about instant gratification. Yeah, I know, it is nobodys fault and nobody should have to suffer. I have always wondered how my neighbors who made less than I did could afford their new cars, flat screen TV's, all kids with smart phones and a great house and pool. Yeah, I know, it is not their fault.

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Wow thats awesome. Hopefully this is a sign of more good things to come.

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Much easier for Iceland to do it than it would be for us. For so many reasons, both political and economic.

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I would be in favor of a reduction of the loan amount if it would keep people in their homes and making the monthly payments. This would help stabilize communities that would otherwise have vacant deteriorating homes becoming a blight and further dragging down values in the neighborhood.

However, there would need to be some type of claw-back provision, so that when the economy and prices of homes improve, these individuals cannot walk away with the taxpayer's investment.

To prevent the 2008 market collapse from happening again:

I would like to see a requirement of 20% down and do away with interest only loans and other creative financing. Fixed rate only. Saving up for your first home down payment would ensure the homeowner has some skin in the game and reduce the tendency to buy more home than they can afford.

Also, the loan originator should be required to maintain the mortgage for the first 5 years, so they are motivated to make sure the loan applicant is a viable risk.

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So now you all think the gov't should provide you free ownership? Wow, that is taking entitlements to a whole new level.

Can't afford the mortgage, don't buy the house.

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A great crime has been planned against the population. Many of these contracts have been proven to be illegal after detailed audits. The same people who were foreclosing on homes were pulling strings to make sure people were late so they could rack up fees. The same people were pulling strings in the economy to make sure jobs and fortunes were lost just so they could gorge on what was left. The same people were stacking the deck against the populace just as they did before the great depression.

The sooner the "boot strap" guys realize we've all been had the better for all. For all the years we've been duped and fed upon relinquishing control of property that was fraudulently bought and sold without the knowledge of the consumer is the least that could be done to even back out the scales.

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