In a move not too surprising, some states are helping their subprime borrowers ride the tide. Strangely enough, the state with the most subprime problems is not on the list.
Maryland, Massachusetts, New Jersey, New York, Ohio and Pennsylvania are stepping up to the plate to help out those in distress. The big question we all have on our minds is how will banks deal with the glut of homes left on their hands after people default. Surely, they can’t have all their assets tied up.
Some of these states are teaming up with Fanny Mae and Freddy Mac.
Right on the heels of my last posts where I raised the question, where have all the home owner’s taxes gone in our California, guess which state is not included in that list? Ours. Boasting the highest number of foreclosure, one would think they would have a contingency plan.
And just to clarify, I don’t think it is the state’s prerogative to help out those who made mistakes but it would be a good thing to start revising tax laws and start having a contingency plan.
Click here to 
This