Let’s see, 85% of homeowners are current on their mortgage payments right now.
After they learn that they can freeze their rates if they are in default how many will choose to be current next month?
Hmmmm, that won’t cause a problem with the banking system, will it?
no more than the other problems that have been caused in the last seven years…
The impact will negligible. What concerns me more is what future waves of government meddling are around the corner as the meltdown continues - and particularly when it spills over to the prime market.
It is just going to be another boondoggle. Anything the government does at this point is too little too late. I just ranted and raved about this very point on my Blog.
I do think that we are coming into a period of tremendous opportunity for real estate investors but we will have to be prepared if we are going to take advantage of the opportunities.