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Banks should help more underwater homeowners refinance

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The housing market, and the economy as a whole, improved somewhat last year — the fortunes of the two are undoubtedly intertwined — but there’s still plenty of room for both to get better. President Obama hasn’t given up trying to help the former by letting more homeowners whose mortgages are under water refinance them at lower rates. It’s a good idea, as long as the lenders bear the risk of default, not the government. ...

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January 3, 2013
6:30 p.m.

[ Flag Post ]

What is the status of forclosures in the City of Schdy? Many people have simply stopped paying their mortgages with no intention of ever paying- living rent free and in many cases - for up 2 yrs now with no eviction notice in sight. The Mayor needs to expedite the forclosure process for these particular situations and the for the properties already vacated to prevent further fiscal damage. The longer the Mayor waits, the higher the taxes pile up, and the value of the house drops further. The entire community will suffer the consequences if taxes go up any higher to make up the difference when this city is desperate for property tax relief.