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Figuring Out a Homeowner's Loan

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    Bob Massi on struggles facing buyers

  • Duration 3:19
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Welcome back sixty minutes past the hour as a lot of New -- watching you know Americans are battling a fifth year the housing crisis.

And now the White House is trying to come up with new plants plants -- me to help what proposal would allow millions of homeowners with government backed mortgages.

Government backed mortgages to refinance -- at lower interest rates like the four point oh.

But we'll work real estate expert and Fox News legal analyst shot past He has looked into this Bob always wonderful to see you you're out there -- -- if you.

So -- first of all why did it take so long for for the government to cut -- come up with this idea.

You know I have to tell you I'm so.

I'm so aggravated about this whole thing I anything that's proactive Joliet I support so if the bottom line is thank god -- -- when something.

Number two word this epiphany come from we've talked about different things that need to be done to fix this problem and the ultimate question is going to be.

There's not a more there's not been more abuse group of people in this country -- last three to four years then the American homeowner.

This program in theory.

-- refinancing at a 4% interest rate sounds good it sounds great.

How angry because it because it because people would save money and -- That was how the money goes back and -- being hot in some other area that's exactly right and and if that worse.

Wonderful the question is what's the protocol how's it gonna work what's the criteria ultimately will this whole thing work and there's investors involved -- Fannie Mae and -- so it's easier said that will it work.

You're -- -- well I think daddy -- well I think it.

I think in the long run that if it's implemented the right way and they could put reasonable criteria.

It could work here's.

-- -- -- here's what I think if I may briefly -- think what I need hat has to happen number one.

There are good Americans.

That have worked hard your whole life for good credit.

The Americans -- government.

-- -- come up with some kind of amnesty program for Americans.

Who have kept their bills current in this country but have lost their home and give some kind of amnesty program on credit.

So the people go back and -- homes again.

People are losing everything they don't understand how closely credit any motion is connected to the American people to -- number two.

They need to come up with a rental program in the following manner if I'd lose my home.

And I put 15100000 dollars in improvements in which most Americans have put a lot of money in her home -- -- let them -- back their homes.

Let them rent the home back for a period of time -- if their credit.

Goes up any year year and a half.

A -- -- them to try to get to finance the keep the home that they -- that they live in that they're raising their children what is so hard about this.

I don't understand why the lenders in the government don't get this part of that.

Because they end up selling a home to strangers.

For present value but yet they would not do anything a reduction of principle which I understand all the reasons why they can't.

They need to understand the emotional connection between what's going on and the American people as it relates to credit and keeping their home.

Like your second thought that not that I didn't like your first thought as of the cycle is very innovative -- like -- all right Bob always good this year and by the way.

You can email Bob -- more of your questions by logging on to FOX & Friends dot com.

Bob thanks for joining us today we get up early on the -- so it.

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