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Old 08-14-2010, 09:30 AM
 
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Obama announces expanded mortgage modification plan - Mar. 26, 2010

Anything to keep housing inflated, increase corruption, and hurt those who were smart and responsible with their money.
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Old 08-15-2010, 10:13 AM
 
Location: Nebraska
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Quote:
Originally Posted by LeavingMA View Post
Obama announces expanded mortgage modification plan - Mar. 26, 2010

Anything to keep housing inflated, increase corruption, and hurt those who were smart and responsible with their money.
I don't know how this is "essential" to a housing "recovery." If by essential they mean they want to keep prices artificially high, at prices that are unaffordable to the public without "no doc" loans and no down payment, AR mortgages...then I guess it is essential. The problem is the banks aren't going to be participating in these risky lending practices anymore, so how do they expect to get prices back to bubble levels without the gimmicky mortgages that led to them? What this is leading to is everybody will have to go in debt just to by a house, with mortgages that are backed by the government (the level of mortgages backed by the gov't is now at around 96%, when it was only 50% before the crash). The free market solution is lower prices. Thus people could come in with hefty down payments on a cheaper house (or some could even pay cash).
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