US to rescue borrowers whose loans are worth more than their homes

Tuesday, October 25th 2011 - 04:00 UTC

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The US housing market regulator has agreed to extend a refinancing scheme for borrowers whose loans are worth more than their homes. Read full article

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GeoffWard2
Lucky US mortgage borrowers, who borrowed beyond their means, and created a shed-load of toxic debt, whose debt was bundled with (arguably) less toxic debt to hide it, which sparked off the world banking crisis, which hit other countries and their over-extended mortgagees.

Oh, lucky people, that the cost you bear because of your greed can be borne by the government out of general taxation and the printing of money.

Oh, unlucky people in much of the rest of the world, whose governments do not have the resources to do likewise for their people put out of work, whose mortgages have been forclosed, and who have no prospects of a decent future.

Oh, you lucky people to be citizens, green-carders or illegal occupants of this great united states.
Oct 25th, 2011 - 12:18 pm - Link - Report abuse 0
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