Letter: Mortgage forgiveness
A foreclosure sign on Long Island. (July 2011) Credit: AP
Regarding Newsday's editorial "Throw homeowners a lifeline" [Oct. 16], I believe the premise is sound. Many homeowners, some of whom may be paying over 7 percent interest rates, can't benefit from today's much-lower rates because they owe more than their homes are worth.
The problem I have with these proposed mortgage modifications is that they would only be available to homeowners whose mortgages are guaranteed or owned by Uncle Sam (mostly through Fannie Mae and Freddie Mac). What about those homeowners whose mortgages, through no fault or choosing of their own, are owned by non-U.S. government financial institutions? Are they out of luck? Where is the fairness in that?
If you are going to change the rules and throw a lifeline, you can't just throw it to some and not to others.
Paul Van Steen, Central Islip
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