Well, there’s a least one person who won’t have to worry about his mortgage. Barack Obama goes to the White House, but what happens now to all his fellow Americans who are at the brink of being expelled from their homes?
If the truth be told, probably not a lot. Most experts agree that the real solution to the mortgage debacle is to allow bankruptcy judges to change the terms of a mortgage. But Congress will have to deal with this and the banking lobby is still very strong despite being fiscally weaker.
True, a president can try and bully things through Congress, but will Obama want to get into such a battle so early in his first term? My guess is, he won’t.
So, I think we will see a patchwork of different programs, most offered by the banks themselves, but none that will truly favor the home owner. Hope I am wrong, but something tells me I am not.