Florida foreclosure attorney Roy Oppenheim shared his views with Sun Sentinel real estate reporter Paul Owers and contributed to today’s cover story. In case you missed it, below is an excerpt from the story and a link to the full story.
‘But Roy Oppenheim, a foreclosure defense lawyer in Weston, argues that the government should have given money directly to homeowners.
Under such a plan, discussed by Yale economist Robert Shiller in his 2008 book, “The Subprime Solution”, the government would lend homeowners money to pay off their mortgages. Banks, with the help of the government, would refinance those existing loans at lower interest rates, saving homeowners hundreds of dollars a month.
“Your recession would be over,” Oppenheim said. “Instead, the money went to the banks, which used it on stock dividends or to pay bonuses. It’s lunacy. That money doesn’t make it to the average guy on Main Street.”
“People can’t hold on anymore,” Oppenheim said. “They’re losing faith that the cavalry is coming.”
Read the full story: Mixed results for mortgage programs and Federal programs for troubled homes have limited success http://www.sun-sentinel.com/business/fl-mortgage-relief-programs-20100924,0,6634223.story?page=2