This is now officially insane, but you just knew is was coming. Touched on this in the show. Last night Neil Cavuto interviewed Professional Home Buyer Jeremy Brandt who said his business is booming because homeowners WHO CAN PAY, are not paying their mortgages, hoping to cash in on the very generous government program that allows banks to renegotiate the terms of their mortgage. It’s a 3 minutes video worth watching.
It’s anecdotal to be sure but it dovetails quite nicely with this Reuters story from last week. And you still think its a good idea for the government to bailout homeowners.
WASHINGTON (Reuters) – Recent data suggests that many borrowers who received help with mortgage modifications earlier this year tended to re-default on their payments, a top U.S. banking regulator said on Monday. “The results, I confess, were somewhat surprising, and not in a good way,” said John Dugan, head of the U.S. Office of the Comptroller of the Currency, in prepared remarks for a U.S. housing forum.
OK … here’s the video from last night.