After many months of wrangling and speculation it now appears that we will have a new housing bill. While congress and the President slap themselves on the back in congratulatory applause, one overriding issue comes to mind. Will this legislation really be effective? If we look at the components of how this is to be structured it is largely dependent upon banks willingness to reduce the principal amount of the mortgage, thereby taking a loss which would enable the borrower to reduce their … [Read more...]