I enthusiastically AGREE with Senator McCain that we need to lower the interest rate on shaky loans to keep folks in their homes as that is the MOST likely way that they will pay off their mortgages.
I DISAGREE with his approach.
All the Congress needs to do is pass a law that lowers ALL adjustable rate mortgages made prior to [date] to a fixed/capped rate of 5% on any remaining balance AND add any amounts in default or arrears on such loans AS OF the effective date of the legislation to the END of the loan.
JOB DONE WITH NO TAXPAYER MONEY.
(I have a fixed rate at 5.25%)
I DISAGREE with his approach.
All the Congress needs to do is pass a law that lowers ALL adjustable rate mortgages made prior to [date] to a fixed/capped rate of 5% on any remaining balance AND add any amounts in default or arrears on such loans AS OF the effective date of the legislation to the END of the loan.
JOB DONE WITH NO TAXPAYER MONEY.
(I have a fixed rate at 5.25%)
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