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Actually without the market, lenders would be investing in the original banks, and there wouldnt be a need to "resell"..
Secondary markets was a fad, nothing more. Distortions such as government implied backings had their day in the sun and they're going to be forced to sit this one out for a while. Real estate has done direct lending before, and it will return to it once again.
We've seen this show before. It was called the roaring 20s.
Folks, the Senate and the House have both prepared homeowner assistance bills. Bush objects to the bill proposed by the House because it includes these specific provisions:
- It would give first-time homebuyers a $7,500 tax credit to deplete existing inventories
- It creates a new property tax deduction of $350 to $700 for those who don't itemize on their federal tax returns
Hate to quote myself here, but the above is what Bush objects to in the proposed House bill to assist homeowners.
I often find that when you drill down into the specifics of what is being proposed politically, much of what folks think they disagree with is actually just a misunderstanding.
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