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:: Tuesday, December 18, 2007 ::
Subprime is not a difficult problem to solve. One solution is provide cash assistance like California State help poor senior homeowners to pay property tax to San Francisco City Government, and place a lien on the property that needs to be paid back when property transferred at death or earlier.
It costs no money from taxpayer, nor mortgage lender. And 2 millions families can save their home that eventually will have equity catch up.
HUD may be the office to handle this, and the procedure may be similar to Section 8. After all, it would be much cheaper to provide cash assistance as "loan" with "lien" than "grant" as Section 8 voucher after they become homelesss.
:: Mr Cheng 2:35 AM [+] ::
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