This article posted today on “CNN Money” is the area on which the government and lenders need to focus to stabilize the housing market. It still does not address taking action before the consumer has credit dings due to missed payments… but at least a dialogue is being opened. In my opinion, the loan needs to be modified before payments are missed, because once credit is dinged, then the incentive for holding onto a depreciating asset goes away. But hey, this is a start.
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