Here is my solution for the institutions that failed/are in trouble due to bad mortgage debt: The government buys these guys out and takes title to all the properties that they're holding a mortgage on. The people living in these homes/etc then have 3 options. 1. Pay your loan current, make all remaining payments according to the loan documents, refinance, do what ever it takes to get out of default. 2. Pack up and get out, save the hassle and expense of the eviction process. 3. Sign a quit claim deed to the government. The government then forgives whatever is owed on the mortgage and the occupants then receive a 1yr lease with rent at fair market value on the property and get to stay in the home. The government then is required to immediately place the property for sale to anyone who qualifies for a loan/has cash to pay for it. The 1yr lease remains in effect and can only be broken by material non-compliance on either side. IE renter not paying rent or landlord not maintaining the property. IE roof, mechanicals, etc.
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Today's Featured Article - A Tractor's Point of View - by John Manley. I began my life on August 3,1941. I was actually built at different times and days but I was officially an M Farmall on August 3.I was real nice and shiny. That�s me, in the old picture, third from the left. I was loaded on that train and sent to a little town in South Carolina. I didn�t get to see much of that town. I was moved off the train fast and on to the dealer�s
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