Your comment that homes should be reduced to the market value is intriguing. Suppose a person owned a home having fully paid off the $600,000.00 mortgage, and now the house was valued at only $400,000.00. Should the bank then pay him the $200,000.00 that he has paid into the house, and has now lost due to devaluation? If it’s fair for Ms Britt and Ms Jackson to have their house mortgage reduced to market value, then why not do the same for everyone?
Your comment that homes should be reduced to the market value is intriguing. Suppose a person owned a home having fully paid off the $600,000.00 mortgage, and now the house was valued at only $400,000.00. Should the bank then pay him the $200,000.00 that he has paid into the house, and has now lost due to devaluation? If it’s fair for Ms Britt and Ms Jackson to have their house mortgage reduced to market value, then why not do the same for everyone?
Dave