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Here is the solution. Since the banking industry absolutely screwed us blue, all mortgages should be turned over to the Treasury, not just the bad ones. We should nationalize the mortgage industry which would become the primary source of revenue while all other taxes be eliminated.
Here is the solution. Since the banking industry absolutely screwed us blue, all mortgages should be turned over to the Treasury, not just the bad ones. We should nationalize the mortgage industry which would become the primary source of revenue while all other taxes be eliminated.
I have another just let people who bought over price home default and allow home values to find their equilibrium.
Other than letting the foreclosures go their course, what alternatives do you think the Obama Adm. will try ?
If the government trys to rent out repos and play landlord it will be a total disaster.
I shutter at the thought of our lovely Government renting out repos and playing landlord.
The banks screw it up for most short sale properties, playing God at those.
I still have many realtor friends, and their is a list of foreclosures we do not even know of, only so many are released at a time, there are tons more of them out there.
Values will not appreciate on regular listings, until the list of repos, short sales, and foreclosures, have been greatly depleted.
You know what a great alternative to foreclosures is?
FORECLOSURES.
Yes, I get that's not actually an alternative. However, many "homeowners" (to use the term loosely, since most of the "distressed" ones haven't made a mortgage payment in 2 years, and are thus squatters) bought more house than they could afford, made bad decisions, artificially inflated the cost of housing, and caused the bubble. End result? People who made good decisions and didn't make dumb choices got priced out of their own markets and couldn't purchase a home. Now these same "distressed homeowners" want the good decision makers to not only continue to NOT own property because the prices are still a bit inflated in accordance with what the squatter is trying to sell the property for in an effort to get out from under their obligations, but also want those good decision makers to subsidize their bad decisions by paying to bail out the squatters so that they can keep a house they don't deserve.
The solution is simple: Kick every last deadbeat out. Every one of them. Let the house sell for what the house will sell for. Let a GOOD decision maker take over the property. At some point, prices will stabilize as prices reflect what the market will bear. And those who made the bad decisions? They can in turn become what they deserve to be: Renters.
If the feds decide to rent them out with the government as landlords it will be run far worse than the post office is. Their would be grafts, kickbacks and all out corruption and mismanagement.
The deficit they would run into would be astronomical !
If the feds decide to rent them out with the government as landlords it will be run far worse than the post office is. Their would be grafts, kickbacks and all out corruption and mismanagement.
The deficit they would run into would be astronomical !
I suggest refinancing the home with a government loan backed by the owner' s income tax to the owners at their current value and let the speculators take the losses. Why should individual home owners take the hit for a speculative bubble created by Big Finance for the benefit of Bigger Finance? With housing financed at the current government interest rate most people could afford to own their home.
The student loan debacle should also be refinanced in a similar manner. We do not need private sector finance in either situation.
I suggest refinancing the home with a government loan backed by the owner' s income tax to the owners at their current value and let the speculators take the losses. Why should individual home owners take the hit for a speculative bubble created by Big Finance for the benefit of Bigger Finance? With housing financed at the current government interest rate most people could afford to own their home.
The student loan debacle should also be refinanced in a similar manner. We do not need private sector finance in either situation.
Brilliant idea as well. Profits from student loans should also be converted into a tax. Although again I would prefer more rationing due to academic excellence rather than a using just money as a rationing system. I find making students into indentured servants appalling.
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