Also in this playlist...
This transcript is automatically generated
By the Obama administration wants banks to reduce mortgage principal for struggling homeowners joining is now is Bob -- Fox News legal analyst let's get right after some way.
This is what the government wants to do.
So if you back pay eubanks.
You caught the principle you caught the amount of money that is owed by those homeowners who lost struggling.
What do you say to that.
-- if you remember in the last year that time you know I've talked what have you and I said how they and fixes unite both said there's got to be a principal production program.
Here is first of all what I love to see yes it's three years old at its millions of people lost their homes here's the concern though.
If you live in a neighborhood of -- hundred homes.
And let's say 50% of the -- or current and 50% of the people or delinquent.
What are you going to do if you reduce.
Part of that -- development.
Principal what's going to happen with the other people who are current plan.
They're gonna say oh wait a second it if they got there is reduced guess what we're gonna let -- going to delinquency.
And get in arrears and now what's going to happen that's.
That's the problem they have to control -- I'm not sure how to do it.
OK in your estimation want your judgment do you think we will get the government telling the banks -- do this particularly this yeah.
Because this is an election year and in some states that will be a very popular move.
Well they do it.
Well we know number one from the settlement that just happened 25 billion dollars there are people's gonna get principal reduction number two.
I do think because it's an election year it's surely a political issue to try to.
Tell -- -- I don't know how you force a lender.
Without -- being legally challenge the -- to tell you what to do to principal reduced we also know based on some things have come out and I.
I sort of know this -- good buddy of mine.
That Fannie and Freddie have sort I had this with in there are.
Within their their profile.
To consider principal reduction which -- come out recently they found documents that affect.
But because allegedly it violates this ideological.
Concept they haven't done it.
But it surely is one of the issues it has to be addressed in order to solve the problem got to follow this thing and we appreciate you being with us Bob -- thank you very much indeed so.
Filter by section