Is There Really A Fast Answer To Our Mortgage Mess?

There are a lot of ideas being tossed around on how to fix out market. It is very likely that the "fix" will be a answer no one really wants to hear. That is the magic of TIME. The reality is a huge amount of the mortgages out there belong to borrowers who NEVER could afford the home they bought and may NEVER be able to afford a home at any mortgage payment that would let them keep their house. These mortgages were done out of greed from the entire financial sector all the way down the line because of the high interest rate they were going to get (as long as the borrowers MADE their payments)to collect and all the high up front fees they earned. There was little if any regard to quality rather it was quantity the lenders were after. These existing borrowers will default because they simply cannot and could not afford the payments. THEY DID NOT QUALIFY FINANCIALLY FOR THE MORTGAGE. The answer to these problems are that these borrowers will lose their homes and these homes will have to be absorbed by borrowers who CAN afford the home. This will take time because of the glut of homes that were built to satisfy the thought that EVERYONE can afford a home. Some individuals just cannot afford to own a home. Some of these individuals refuse to control their spending habits to qualify and some just do not make enough to buy the home they think they deserve. This is not everyone situation but it is the bigger part of the mess. www.rateinformer.com