Jack McCabe, columnist in the Sarasota Herald-Tribune, today posits that if banks write down their loans to current values, and are guaranteed by governmental agencies to be protected at that write-down, then we could see and end to the real estate woes now plaguing our country, and be back on the way to economic recovery.
Interesting concept, elaborated in the article below:
http://www.heraldtribune.com/article/20100118/COLUMNIST/1181010/2604/OPINION09?Title=For-recovery-mortgage-principal-must-be-reduced
Read it for the full story and let me know what you think. This just might work!
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