From the Washington Times:
Mortgage bankers are hailing the Obama administration’s decision Monday to begin yet another attempt to help “underwater” homeowners who are current on their payments to refinance and avoid foreclosure.
? If you are “current on your payments” why would you need to refinance and avoid foreclosure?
And another thing – this “underwater” business. I know all the cool kids say “underwater” and I guess being “underwater’ on a house is worse than being “underwater’ on your yacht, but still, why is it my problem that somebody owes more on their house than it is worth? Lot’s of people owe more on their cars than they’re worth. Lots of people owe more on their credit cards than the junk they bought with them is worth. Why is any of this my problem?