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[...] email@example.com wrote an interesting post today onHere’s a quick excerpt [...]
I agree with your take on the housing market today. The idea of America becoming a renting country is disgraceful to America, this is what we have wanted to steer clear of. If things continue this way we may be at a major disadvantage. I appreciate this post because people need to hear about what is going on with the housing market. T
This really a alarming condition, if these rules start coming down after the election on Nov. 6, the administration is going to face not only a protracted unemployment of 8 percent, but a draconian drop in consumer confidence as housing becomes out of reach for almost everybody.
[...] new purchases of homes. Clearly, rule one should be to do no harm, a refrain that NAR and others have been making for several years now. Doing no harm means taking a reasoned approach to banking regulators’ [...]
[...] be challenged to get financing at affordable costs and in a timely manner. And then there are changes to bank capital standards by the international Basel III protocol, which isn’t implemented yet but is already causing [...]
[...] responsibilities from other agencies, including HUD and the U.S. Department of Treasury. The QM rule is also a product of that Wall Street reform bill, as were some of the other key mortgage finance [...]
[...] NAR President Maurice Veissi stated in the letter that three lending rules make affordable credit available to the wealthy and those with “pristine credit”, but not to those that need affordable credit. Veissi is referring to the QM Rule, the QRM rule, and Basell III. [...]
Let the mortgage lenders lend to those they wish to lend to. Get the government out of the private lenders market. If the government wants to, let the government regulate the hell out of Fannie/Freddie/FHA, but leave the private lenders alone. If the private lenders get in trouble, hell, let’em collapse. Other investors will pick up the pieces. The homes, the dirt will not disappear. Investors will snatch up the assets and life goes on.
Why must the government be involved in everything?
If the government would come down really hard on the fraudsters who sold the faulty mortgage backed securities and the mortgage brokers who made the fraudulent loans and give the PEOPLE some really serious prison time – instead of just assessing fines on the companies – all the goverment regulations would not be necessary.
The traders in securities were the criminals and made millions, billions of dollars, yet no one goes to the big house for 20-50 years. The government lets the companies pay a million dollar fine and the criminals laugh all the way to the bank.
Crime DOES pay if you steal enough!
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