Investing in Precious Metals 101 ad

Re: It is unnecessary for ANYONE to borrow money to own a …

Home Forums DISCUSS Current News & Events It is unnecessary for ANYONE to borrow money to own a home! Re: It is unnecessary for ANYONE to borrow money to own a …

  • Thu, Feb 26, 2009 - 04:18pm

    #22
    Peak Prosperity Admin

    Peak Prosperity Admin

    Status Bronze Member (Offline)

    Joined: Oct 31 2017

    Posts: 1611

    count placeholder

    Re: It is unnecessary for ANYONE to borrow money to own a …

"According to the bill, the payments in the second year will go to a
fund which will pay only for new house(s) and improvements to old
homes." 

This is the sentence that troubles me about this proposal.  Don’t the mortgage payments on the unpaid for homes have to go to the banks that hold the mortgages, someone needs to pay the mortgages if the previous mortgage payments are going to be diverted to the "fund," no?

What happens to the outstanding balances on existing mortgages?