from The American Heritage® Dictionary of the English Language, 4th Edition
- n. One who owns a home.
from Wiktionary, Creative Commons Attribution/Share-Alike License
- n. Someone who owns a house
- n. Someone who owns a house for all practical intents and purposes, but is technically still in the process of paying for it over a long period of time
from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.
- n. someone who owns a home
So the basic gist of the plan is to help banks and home-livers (I resist the term homeowner because it is simply inaccurate-in the majority of cases, the banks own these homes, not the people who live in them) gently renegotiate a more realistic arrangement.
I skimmed it once in the bookstore and found him making the following absurd claim: that a homeowner is always better off if the price of houses goes up, and also better off if it goes down.
People in this country have been led to believe that the homeowner is the one to blame for the level of fraud that's happened.
It tells the prospective homeowner that unless the homeowner is able to build a house that can withstand repeated hurricanes (or frequently rebuild a house that can't) that building the house is probably not advisable or affordable.
It was what they called a homeowner's Preservation Corporation idea, and that was to take highly-distressed mortgages, actually before they quite go into foreclosure, and buy them on bulk at an auction, at discounted prices.
A Virginia homeowner is pictured in the New York Times removing the bugs in buckets.
Big numbers, you say, but what does a $1 trillion increase in homeowner equity really mean?
When a homeowner is "underwater" and willing and able to make payments on a rewritten mortgage with reduced principal, why would the loan servicer decline, and throw the home into a foreclosure that ravages its value?
As I and others have continued to say, this will also help stimulate the economy by putting more money in homeowner's pockets.
Ultimately, the homeowner is evicted, and Abell sells the house for a large profit.