This is the smartest thing I’ve heard in a minute.
The housing market and predatory lending is the primary reason why the U.S. experienced a “recession”. So in order to counter act this and get the U.S. citizens out of financial hardships, why not allow mortgage owners to refinance! Glenn Hubbard, dean of the school of business at Columbia University, expressed his views on the current mortgage crisis and how the banks can fix it. He states…
“If everybody who’s current in their payments could refinance at a low rate. It will be equivalent to a tax cut of nearly $70 billion a year for several years. A very large stimulus for the economy. And would help reset expectations in a big way in the housing market.”
Check out his interview with WSJ Marketwatch’s Greg Robb below:
