Sorry I did not mean to shout. I have researched areas like Detroit, chicago, Baltimore, Philadelphia and many other poorer areas. In San Diego we have such areas too. many of these (re-finanancially) troubled adults are going to lose their homes. These people may have bought a home properly yet were forced into re-financing. I do not think you should have a Harvard graduated loan officer taking advantage of less educated people and blame it all on them. I feel for people in foreclosure be they in Tampa or Detroit. These pre-foreclosure people are still families in this great ( AHEM( country of ours. I feel in certain extrememly poor neighborhoods a cram down is more than appropriate. Imagine john q complainer, who is making 251.000 a year how your home would be worth 100,000 less because we did nothing to help those less fortunate. I think this is a republican fear tactic. All of the 8 million or probably really 3 million people are helped than home values will not slip down to 50.000 how would you people current on your payments like to have 50.000 homes in your neighborhood?
There are few hardworking people in California who are having this problem. Given our home prices no one I don’t care how hard working can afford a mortgage on a $ 550.000 home. (Of course lawyers, doctors and movie stars) can afford a home but no real blue or most white collar worker can. Many of these people put down payments on their home or had co-signers like relatives. please do not punish all these people. yes, I think you should take away their new car, camper, fur cout, swimming pool. I am even in favor of moving them to a smaller home if they are totally inept.
I am not defending frauds or speculators. it is easy for the government to tell if you have more than one house or if you grossly and without concern for others lied to get your dream home, swimming pool, kitchen, etcetera.

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