December 31, 2013
THE GREAT LESSON OF THE GREAT RECESSION BEING THAT...:
Mortgage Program Pans Out (NICK TIMIRAOS, Dec. 31, 2013, WSJ)
Nearly 3 million homeowners, including at least 900,000 who owe more than their homes are worth, have been able to refinance their loans under the crisis-era program designed to reach borrowers with little or no equity in their homes. The majority of those loans were refinanced in 2012 and 2013, after the government revamped the program following a disappointing start."Of everything the government tried to throw at the foreclosure crisis, it ended up being, by far, the most successful thing they did," said Glenn Kelman, chief executive of real-estate brokerage Redfin.
...the stimulus should have just gone to pay down mortgages.Posted by Orrin Judd at December 31, 2013 7:19 PM