Fannie and Freddie have anounced another freaking foreclosure freeze. WTF..... This time they are freezing foreclosures until March 6th. They want to provide servicers with more time to help troubled borrowers find an alternative to foreclosure. JP Morgan, B of A and Citi have also jumped on the band wagon. Don't these idiots realize the solution to the housing crisis IS foreclosure. Freezing foreclosures makes thing worse. It stops people who can afford a home from buying one. And if keeps people who cannot afford one in one. How does that help the economy? The only thing this will accomplish is to keep the inventory of homes from going vertical.
What they fail to realize is that the fstest growing portion of the foreclosures are now the result of job losses. I don't care how creative you get with your bailouts. An unelmployed person cannot afford it. The job losses will only stop when homes are affordable and home owners have disposable income to spend, there by driving the economy. Modifying a loan to make a person a debt slave is not going to help either. The fastest way out of this fiasco is to foreclose, sell the homes at a reasonable price to people that can easily afford them. That way the new crop of homeowners will start spending that extra money they will have at the end of the month. Flat screens will fly off the shelves, a new car in every driveway...... wait, that's what got us in this mess. FORECLOSE ALREADY!
5 comments:
Their stupidity and hypocrisy is killing me too! I'm sick & tired of them. Let them do whatever.
Prices are falling and I'm not buying until prices make sense.
The funny part is throwing in this stupid 8k. Do they really think this will get people to buy? Well not me!
i agree. like i mentioned. they are trying to keep air in the bubble. most areas are still not at affordable levels. so we will have the same s*** again. amazing. i should be in politics. i am an idiot but they make me look like a smart man
Makes me glad we decided to go ahead. If they are going to stall the adjustment back to realistic prices, I just can't wait that long. It will be years and years. Not willing to rent for that long.
I agree with you guys. Instead of delaying the inevitable (foreclose), why not try to figure out a way to get these people out faster and get new buyers on who deserves it. The smart thing would be to get out and get new buyer while the market only lost 20-30%; prolonging will make the property worth less since we are in a declining market.
I believe countrywide cash for key program is up to 5k, it was 2k before! So after a year of leaving mortgage free, the last day, they get a 5k bonus on top of the deal. Talk about frustration on new potentials buyers.
Anyway, there's not much they can do. All they're doing is accumulating the inventory. When they unleash it, all hell will break loose. Prices will keep going down.
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