I found this news piece yesterday, it's quite telling about where we all are: "With numbers from a CoreLogic report revealing 22.8 percent of borrowers are underwater, principal reduction has been eyed as a key solution to keeping borrowers in their homes. The Center for American Progress has released a report detailing solutions to the "moral hazard" issue. One is to make principal reduction a one-time program open to borrowers already delinquent; another is to open the program only to current borrowers who are at-risk of default; and the third is "shared appreciation" modifications."
Thoughts about the residential real estate mortgage industry from a 40+ year insider eyewitness
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