To Fix the Economy, First Fix the Housing Market  

Oleh:

Cassidy, John

Jenis: Article from Bulletin/Magazine
Dalam koleksi: Fortune vol. 164 no. 6 (Oct. 2011), page 66.
Topik: Housing Market; Mortgages; Government Policy; Residential Real Estate; Foreclosure; Mortgage Loans; Housing; Finance
Fulltext: To Fix the Economy, First Fix the Housing Market.pdf (18.42KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: FF16.46 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Is this a great country or what? At the start of last year, a friend of mine, the proprietor of a small business that has suffered badly in the recession, entered a trial mortgage-modification program. A few months later the bank told him that his application for a government-assisted refinancing rate had been turned down--his house was too far underwater. He had bought it during the boom for $220,000, putting down $30,000, and then spent another $45,000 doing it up. Now it's worth about $100,000. Once his monthly payments were set to go back up (his mortgage rate is 6.5%), my friend stopped paying them and waited for the foreclosure and eviction notices to arrive. A year and a half later he is still inhabiting his own home and watching the mail.

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