There is no constitutional right to homeownership! If you borrowed above your means, you've got no right to stability of ownership! The fact that the value of a house dropped below your purchase price is not relevant unless you want to sell - and if you can't afford to sell, then stay put - that is stability!
If you want rules for dealing with this mess, and keep 4 million families from being thrown out on the street (who, by the way, are not all hopelessly helpless to start with), here is a suggestion to Mr. Geithner:
Make the banks take their houses back (let them foreclose) and make them rent to the occupants (for minimum of 1 year, or pick your time frame)!
Then the dumb bankers will have their "fair market equity" and the dumb buyers will have a roof over their heads at "fair market rates"
I do not want my children to pay for all these gifts!
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