Print money for bank or for the people?
Does no one think this or no one want to talk about this. Our government try to save our economic by printing a lot money. But bank never use the money to help people refinance the loan.
There are many family like one of my friend, a small business men in construction business. After economic down turn, there is no business for him. But as a good business men, he planed ahead for unforeseen. He sold all his rental property to reserve some cash for going through hard time.
But as his situation. Since he have no pay check at all, no bank will give him bridge loan to lower his payment since adjustable interest only payment ending. Even he can keep pay his payment another five year.
If government want to keep housing market stay without keep dropping. Government should help those kind of family stay in their home instead make them drain all their cash saving then lose their house. But government did the other way. They print money for the bank and bank use it trade in wall street make good profit the pay government back without helping the people need emergency bridge loan. And more and more people try to sale their home since cash saving drained less and less. Plus more bank own property keep hurting the housing market. Our government money printing become useless.
On the other hand. Money printing cause all food gas.. price inflated. It make those cash saving drain even faster and faster.
I suggest our government should provide special bridge loan for those kind of people, who can keep their payment 3 to 5 year. And let them pay smaller amount of payment to go through the down turn, keep housing market hold up. Have enough cash to keep living until economic getting better.
I just feel so shame, our great nation. So many smart people, are they don’t know this or no one want do this at all.
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