Subprime Mortgages and Possible solution
Feb 7th 2008
Categories: In The News, Real Estate News
hiOn February 6 in the New York Times op ed page, a banker discussed a possible solution. He believes that the low interest rate on these mortgages be extended for 15 years which enable the banks to make some money on these mortgages and not go through the expense of foreclosure and the agony of being sellers in a very difficult market. It makes sense to me and I wonder why it is not taken seriously by the government. There were reports that in Las Vegas, entire subdivisions have foreclosure signs in the front yard. Isn’t it better for the banks to get less interest than none at all?
