Roubini and I both say "Rather than go through mortgages one by one, ... [mortgage] reduction has to be 'across the board...break every mortgage contract.'" (quote from here).
I am not sure of what is Roubini's reason, but my view is the heavy damage is created by distinguishing among mortgages -- everybody attempts to get theirs in the favor category -- avoided by treating all mortgages the same.
I am not sure of what is Roubini's reason, but my view is the heavy damage is created by distinguishing among mortgages -- everybody attempts to get theirs in the favor category -- avoided by treating all mortgages the same.
You're forgetting about the another group of people, those without mortgages and those who were responsible and saved instead of buying into the bubble hype. If you're going to go across the board and start lopping off money from everyones mortgages (paying with my tax dollars of course!) how about send me a check for the average that they get reduced.
ReplyDelete