Gilbert Outlines His Housing Rescue Plan for Fox’s Neil Cavuto
Last night, Dan Gilbert was interviewed by Neil Cavuto on Fox Business News’ highly popular “Your World” business news show.
During the interview, Dan Gilbert outlined the root problem that still persists at the center of the current financial crisis: The death spiral of mounting foreclosures, rapidly falling property values and billions of dollars in Option ARM loans set to start adjusting in early ‘09.
He also outlined his proposed solution, which would refinance the riskiest of those loans into a standard conforming 30-year fixed mortgage, without forgiving any principal — a key differentiator between Dan Gilbert’s solution and competing plans.
During the interview, Dan also took on the concern about rewarding homeowners who may have made bad mortgage decisions in past by pointing out that if foreclosures continue at the rate we are seeing, entire neighborhoods could be negatively impacted — including the homeowners who have made their payments on time.
You can view the entire interview on Fox here.
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