Senate panel passes housing bailout

5-20-2008 • Reuters

Lenders who agree to erase a large share of the original loan amount could win a government guarantee on future mortgage payments. The bill would create a stronger regulator for mortgage-finance companies Fannie Mae and Freddie Mac

2 Comments in Response to Senate panel passes housing bailout

Comment by Brock

Entered on: 5/20/2008 8:00:21 PM

Oh, and do you think my neighbors will get mad when I fire-sale the house then and walk away with their cash in my pocket?

If I don't, someone else will and it will be my cash they walk with.

Comment by Brock

Entered on: 5/20/2008 7:45:13 PM

So, let me get this straight. Under this plan, I can get a de facto rebate from taxpayers on my original purchase price. But, it sounds like the only way to get a rebate is to withhold a mortgage payment or two and save or use that cash elsewhere.

I wonder how many houses they'll let me do this on and how many times per house.

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