Should Americans Be Forced To Pay Their Neighbors Mortgages?

As more tax payer's money is designated to assist the ailing housing market. Republican Jeb Hensarling, R-Texas, has asked, "While Americans all over this country are struggling with their own mortgages, should they be forced to pay their neighbors mortgages?" However, there are many who take the opposite view that not enough is being done, and that such help that is available is not fast enough.

There is anger, in some quarters at proposals to subsidize borrowers who some consider, have acted irresponsibly and are largely to blame for their own predicaments. However, the Obama economic team appears to be sympathetic to assisting homebuyers experiencing difficulties, as there is a view that such help would assist the wider economy.

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There is no doubt that the number of foreclosures is a major factor in depressing the housing market. Government intervention will not prevent all such foreclosures, but it could assist in stemming the tide, and restore a measure of confidence.

It has been reported that the Obama Administration want to spend $100 billion to assist people to stay in their homes. Various proposals are under consideration including tax breaks of up to $15,000 for buyers of new or existing properties.

The government had hoped that measures introduced by the lending industry would stem the increase of foreclosures, but that hasn't happened. Unless effective help is made available the position is likely to get even worse as unemployment rises in the continuing recession. It was intended that bail out money handed to the banks would assist in halting foreclosures, but so far that has not happened.

It seems that well-intended plans to assist homeowners in trouble, are not having much of an effect so far. There is no denying the Government's will to offer positive assistance, but there seems to be some difficulty in implementing the right way to go about it.

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