During a radio advertisement Biden stated they will utilize bankruptcy laws

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to reduce the amount ? owed on mortgages, isn't that sort of government interference what got us where we are?

The borrowers agreed to a certain amount, who in the heck will make up the differences, it is this irresponsible, not my fault mentality that got us in such an economic mess, why would Biden/Obama want to further it?
This was to help people stay in their homes.
 
If Biden does this then it will destroy the housing market in the US.

Who would be foolish enough to lend you money to buy a house if you can negate the debt through bankruptcy and still keep the house?
 
The banks, in all likelihood, would rather reduce the amount owed because its a write off, than to go to all of the effort of foreclosure.

Then they would be at the mercy of a poor housing market...it benefits them to get people to stay in their homes, and lose say 20% as opposed to way more.
 
I guess it matters on what you think started the crisis.

From this question tone, it sounds like you blame laws developed 30 yrs ago that made loans possible for the past 6 yrs?

Also, the average default mortgage is 200,000.. hardly the poor man's house.

So I guess I wish I were in a mood to explain it all to you. Instead I'll refer you to my profile where there are links that explain this horribly complex situation, but both episodes are an hour long.

I suspect you won't listen and will be none the wiser.
 
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