Monday, Jan 12, 2009
Bring me your losses, keep your future profits
FT Alphaville: Handouts For Homeowners
I hope this doesn't come to the UK...
Homeowners at risk of foreclosure could refinance their mortgages via the Federal Housing Administration “at a signficant discount.” In exchange they had to share future appreciation in the value of their homes with FHA. This, perhaps unsurprisingly, was a stumbling block for applicants, who weren’t happy at the prospect of ’sharing’ profit (sharing losses with the taxpayer was, presumably, fine).
Posted by ontheotherhand @ 12:00 PM (126 views) Add Comment
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