Quote:
|
TW said: That is what banks (et al) do. They resell these homes to companies specializing in refurbishing and refinancing homes to new qualified buyers. The problem is that American incomes in those price categories have been falling for the past seven years (relative to inflation). Interest rates are rising. Economic downturn is a real possibility.
|
I said government. Not private industry. There's a huge difference there. Also, I didn't say refinance, I said 'rent to buy' which means the person has no ownership claim over the house until such time as they've paid the value of the mortgage off, say 25yrs. If they move out prior to that, then that's their own tough titty. They're viewed as tennants rather than owners.
There's a big difference between what I suggested and what is currently happening tw. That's why there's a problem.
As to the rest of your post, I'm aware of all that. I'm not sure why you felt the need to explain it all over again.