Majority Say Banks Should Slash Mortgages

Destin, FL – November 22, 2011 – (RealEstateRama) — A large majority of those surveyed say banks and mortgage lenders should be forced to slash the mortgage principal owed by homeowners who are in danger of foreclosure, according to a new Housing Predictor opinion poll.

The survey found that 60% feel that lenders should slash mortgages for loan holders to aid the overall U.S. economy. Banks and mortgage firms made home loans to just about anyone who could sign their name during the real estate boom, and are now facing an unprecedented foreclosure crisis, with millions of additional foreclosures projected in coming years.

However, the major issue for tax payers surrounding the crisis is how the massive volume of failed mortgages are going to be paid for and it’s becoming abundantly clear to Americans that higher federal taxes will be used to bail out the banks and pay for the failed mortgages. Freddie Mac and Fannie Mae have been bailed out by tax payers at more than $1.4 billion.

Housing Predictor tracks more than 230 local housing markets in all 50 U.S. states, forecasts markets across the country, regularly surveys visitors about important real estate related issues and keeps visitors up to date on real estate news and mortgage rates.