The number two thing that scared the bejesus out of me is the mortgage conversation. Biden went on to say that Judges should not only be able to help those people who overspent on their homes by reducing their interest rates....but to be able to reduce the principal of the the distressed loan.
JOE....Are you kidding me?
Two issues Joe......If I am a bank and this nonsense is allowed...I am raising interest rates...A LOT...why? The risk of judges not only reducing my interest rate but now making me take a hit on the loan principal.
2nd....talk about ruining a neighborhood. So my neighbor makes a financial mess by borrowing to buy things they can't afford. The Joe and the boys drop his principal by 100 grand....They just devalued my house. My neighbor can now sell his home for less then he paid and not have any financial issue....thanks again Joe.
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