Housing Bailout?
September 18th, 2008
Categories:Real Estate News
Now that the government has “saved” Wall Street – at least for the moment – hasn’t the time finally come to save Main Street too? – The New York Times
The Treasury Department has spent $125 Billion dollars to bailout Wall Street, and is planning on spending another $125 Billion if need be to keep Wall Street on its feet. What about the housing marketing?
As housing prices continue to fall, more and more homeowners find themselves in “impaired mortgages”, meaning they owe more on their home than it is worth. With the continued outlook being bleak, many of these homeowners have to ask themselves, “is there any incentive to stay in this home?”. Perhaps its time to give them an incentive and keep the number of foreclosures from continuing to climb.
Of course, there are many out there with ethical concerns and complaints about bailing out homeowners, just like those who complained about bailing out Wall Street. Keep in mind, millions of people made the mistake of buying a home at the peak of a housing boom, a poor choice certainly, but mistakes do happen. As for the millions out there who took advantage of the “liar loans”… I rest soundly asleep knowing there are lawyers lined up, just waiting for the court house to clear up the countless lawsuits that have been piling up on Wall Street. And with that I have one word… Karma…
I can’t help but wonder, will the next generation be a conservative with their money and spending habits as those who saw the effects of the great depression first hand?
Related posts:
- New Housing Bill
- Government Workout Programs
- What Banks Have Loan Workout Programs?
- Housing and Economic Recovery Act