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This is a sinking ship and this administration is just making a bad situation even worse. These people shouldn't have been in these homes in the first place, trying to keep them in something they can't afford is asinine! It is not in the best interest of these people but rather in the best interest of the banks...
We should just liquidate everything and start from scratch..let the investors and banks take their losses. Surely it will be painful, jobs will be lost and for a brief period the economy will go into a SEVERE decline but soon enough we will start a fresh growth cycle. Trying to drag this thing could mean a painful decade! Even worse, if the govt tries to inflate another bubble history will repeat and we may not survive the next shock to the economy when that bubble crashes. Kicking the can down the road with smoke and mirrors tactics has never worked!
Maybe the government should turn them all into HUD homes; sell them off and let those owners "rent" instead and let investors, who have money, buy the properties and get the benefits from HUD.
The governamnt does not have the resourses or teh expertise to solve the houisng crisis. The priavte /gevernment patrnership that geithener talked about a year ago is dead. No one wants to partner with the governamnt now.
This is a sinking ship and this administration is just making a bad situation even worse. These people shouldn't have been in these homes in the first place, trying to keep them in something they can't afford is asinine! It is not in the best interest of these people but rather in the best interest of the banks...
We should just liquidate everything and start from scratch..let the investors and banks take their losses. Surely it will be painful, jobs will be lost and for a brief period the economy will go into a SEVERE decline but soon enough we will start a fresh growth cycle. Trying to drag this thing could mean a painful decade! Even worse, if the govt tries to inflate another bubble history will repeat and we may not survive the next shock to the economy when that bubble crashes. Kicking the can down the road with smoke and mirrors tactics has never worked!
Agreed. But the politicians and bankers don't want to do the difficult thing and no one wants to take the initial hit.
You would want to go to the expense of unbudlingthsoe loans then having home to maintain that cost even more. There is no incentive when they can go slow and lose less to bulldozing them after strippig because its too costly to maintain them.In the end mnay olkder hoes will get just that I;d bet as they deteriorate after being foreclosed in poor shape.
The housing crisis will be resolved by itself in 2 or 3 years.For the moment americans buy stocks, but after that new houses will need to be built because the population growth.Just wait.
They should have created a resolution trust and used it to clear the inventory. It worked well in the early to mid 90s. The current policies just make it a death of a thousand cuts. With low bank returns and an underperforming stock market investors would step in and buy properties if cleared in this manner.
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