Hedge Fund Legend Explains How To Fix The Foreclosure Crisis
I gotta say, I love it when a guy who made billions betting against American homeowners looks up from his gold-plated trough long enough to "solve" our problem!
What is the solution, you ask?
Why, let distressed homeowners stay in their houses as "renters" to the banks who actually own them. See, problem solved!
Except, that way the market would NEVER clear, ownership of private property would be a joke, and I'm not really sure who is responsible for property taxes or upkeep (but I can take a guess!!). In essence, if we can stay in our underwater houses so long as we pay (rent) to the bank, pay (rent) to the local government, and pay (rent) to the Home Depot and your friendly groundskeepers--but we can never hope to sell for a profit, isn't this "solution" already happening?
There are better, more workable solutions in the comments thread than this hedge fund guru offers. Better and more workable, in fact, than anything put forth by our government, elected officials, and assorted "experts" who have pondered this question "real, real hard" for the past four years.
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