Too little too late. It...
Too little too late. It seems that Washington still does not realize the the full extent of our crisis. Washington should move quickly to make it mandatory that all mortgages be written down to the current appraised value. The largest banks have money stuck in reserve accounts, so they will survive a write-down. Shame on Washington for not moving on this issue.
The administration said Wednesday that borrowers with mortgages worth up to 125% of their home's value will now be eligible to refinance under its program, up from a 105% limit.
Nearly 30% of homeowners with mortgages owe more than their homes are worth, according to Moody's Economy.com.
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