Wednesday, April 01, 2009

Obama to halt foreclosures

President Obama has announced a plan to slow the slide in home prices by suspending all foreclosures for 12 months. This is a really stupid plan. It means irresponsible homeowners could live rent-free for a year.

9 comments:

  1. In at least some cases foreclosure is turning into a process where nobody wins:

    http://www.nytimes.com/2009/03/30/us/30walkaway.html?ref=business

    The scenario here is that the homeowner moves out because of a pending foreclosure, then looters and vandals come in and trash the house. The bank then decides that it isn't worth processing the paper any more, and abandons their claim, sticking the original homeowner with a property that is really only suitable for knockdown.

    Clearly this situation is the exception rather than the rule, but my point is that foreclosure isn't always the best option.

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  2. What is even more troubling is some Mortgage lenders are actually telling their c;ients to NOT pay their mortgages for at least monthes, then they QUALIFY for assistance. Even if they have never missed a payment it's in their best economic interest to become a public buyout.

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  3. I have long awaited the arrests of the Real Estate agents who sold Ninja mortgages, has this happened, have they been hanged infront of the villagers?

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  4. I guess we now know who actually reads the material they are commenting on. Let the over-opinionated and under-educated be exposed.

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  5. The housing market is in recovery mode. Prices are going up slowly but steadily. You better think of buying soon. If you don't, you gonna miss out again!

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  6. Well done. I was pissed. Only the fact that the date is right above the title clued me in finally.

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  7. Wow this was so realistic that it got me!!!

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  8. Like all good pranks, it was entirely believable.

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