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Who in their right mind would think that MORE government intervention in anything would be a great thing? Government needs to get out and let people begin to LEARN to take responsibility for themselves. Blame the government, blame the banks, blame the boss, blame the insurance company, blame your mom, blame your dad, blame your siblings, blame your school, blame your baby sitter, blame the guy across the street, blame, blame, blame. If everyone was responsible for themselves and their families and less government dependent...we would all be better off.
The entire crash is due to policies that subsidize 30year loans to people who shouldn't get them
Say what???
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In reality a 30 year fixed rate loan is an impossibility
Say what 2.0!?!?
Investing money for 15, 20, 30 years isn't much different than investing in long term bonds. For generations before the Country Wides jump into the mortgage market, collateralized loans given after due diligence and help by a specific holder instead of chopped and diced into virtually untraceable pieces was a sound business proposition.
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I think you need to backaway from homes, not add more regulation/capability.
Yes, tents and huge apartments are oh so preferable.
2008 showed us one thing. You can't trust big banks to be responsible with the integrity of our financial system. You can't trust them not to give out loans to people who can't afford to pay them back. On the other side of that, we have a worsening homeless epidemic.
I have a solution for that. Lets have the government take over the housing market, and subsidize homes based on what people can afford. This would protect the consumer as well as solve the homeless epidemic in one swoop. Homeless people would get free government homes, likely bottom tier. Homes would be valued in tiers based on size, location, age, desirability, etc. The tier of home one could apply for would be based off their Pre-tax income and could be adjusted for inflation or deflation. That would keep a burger flipper from getting into a home valued in the millions under the current system. Things like family size would also be taken into account, with everyone getting a home fitting for the number of people living in it. Would this work? What could be the possible negatives of such a system?
This idea reminds me Soviet plans in government controlled housing Provide each Soviet family with a separate apartment. Every five years the same plan, the same promise that was never fulfilled.
The key word here is separate. Why? Because at some point in time it was determined that it was not fair that some families lived in large apartments while others not. Solution - move in not so fortunate into flats currently occupied by evil rich. The outcome was multiple unrelated families sharing the same housing for generations.
Do not expect government to help you. It will only create bigger problems.
Nationalize the mortgage industry. There's a start. We have the worst of everything now. Fannie and Freddie already back stop it and when it goes wrong we get the junk while Wall Street gets the gravy, mostly for ground value. We already have the bad end of it.
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