Obama is set to announce a program to help out homeowners on the brink of foreclosure. JPMorgan (JPM) just announced that it’s suspending foreclosures for three weeks. Citigroup is also making noises about doing the same.
The big losers: People who were foreclosed on, say, 1 month ago, or even yesterday. Why should they be the victims of timing, while someone a little further down on the list gets to keep their homes?
So, will we see retroactive home clawbacks? Now that America has fallen in love with the clawback — out of a desire to erase history we don’t like — it seems fair. Any reason not to?