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There was a moratorium. Did everyone think foreclosures would just go away once the moratorium lifted ? Nope..now the floodgates are open and all those backed-up pending foreclosures are moving forward. But, according to RealtyTrac only a fraction of them are going on the market for sale by these banks..70% are being held in inventory.
There was a moratorium. Did everyone think foreclosures would just go away once the moratorium lifted ? Nope..now the floodgates are open and all those backed-up pending foreclosures are moving forward. But, according to RealtyTrac only a fraction of them are going on the market for sale by these banks..70% are being held in inventory.
I think they will end up being packaged into large lots, and sold off to favored private investors for pennies on the dollar, so the taxpayer pays the bill, and the rich get richer. Same thing happened after the S&L debacle in the 90's.
I think they will end up being packaged into large lots, and sold off to favored private investors for pennies on the dollar, so the taxpayer pays the bill, and the rich get richer. Same thing happened after the S&L debacle in the 90's.
Or people will stop making their monthly payments, save the money and have relatives buy the house for pennies on the dollar. Should have no problem getting the down payment together in the six months to a year it takes to get them out. Either way our kids will pay what the banks lose, and anyone dishonest enough to do it will walk away with a very very cheap house. Trust me that is exactly what is behind the skyrocketing late payments.
And the damage caused by the BUSH PRESIDENCY just continues to rear it's ugly head!
I am just glad we finally have an intelligent man in the White House who is smart enough to clean up the mess that idiot BUSH left behind!
Please explain to what you are referring. I know that GWB was calling for GSE oversight reform as early as 2001. Was that what you were referring to? Or maybe it was S.190 that McCain cosponsored in 2006. Was that it?
"The CRA should be abolished, along with the government-sponsored enterprises that fueled the secondary market for subprimes — under pressure from Clinton, who ordered HUD to set quotas for "affirmative action" lending at Fannie Mae and Freddie Mac."
IBDeditorials.com: Editorials, Political Cartoons, and Polls from Investor's Business Daily -- Stop Covering Up And Kill The CRA (http://www.ibdeditorials.com/IBDArticles.aspx?id=312766781716725 - broken link)
I am starting to think we should just give all the existing homeowners title to their primary houses and go on from there. It might be cheaper over all and at least the lower income folk will benefit instad of the profits from the resale transferring even more wealth to the speculators. If all housing was owned free and clear the former mortgage payments could be used to bolster the consumer products industry and our overall economy would start recovering.
I am starting to think we should just give all the existing homeowners title to their primary houses and go on from there. It might be cheaper over all and at least the lower income folk will benefit instad of the profits from the resale transferring even more wealth to the speculators. If all housing was owned free and clear the former mortgage payments could be used to bolster the consumer products industry and our overall economy would start recovering.
Please feel free to start with mine.
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