08-16-2010, 08:18 PM
There are rumblings in blogs and rumour mills that the US President Obama is considering forgiving mortgage loans for distressed homeowners who are negative net equity ( homes cost less now than when purchased and homeowners will probably have to step up to cover that deficit as loans get reassessed). An estimated 15 million US mortgages - one in five - are underwater with negative equity of some $800 billion, according to analyst John Mauldin in his newsletter. http://blogs.business-standard.com/sunai...%E2%80%A6/