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re: Bailout program for Distressed Homeowners finally here
Posted on 11/8/08 at 11:34 am to Nicodemus
Posted on 11/8/08 at 11:34 am to Nicodemus
There is no easy answer to this, myself like you did the responsible thing and took the responsible mortgage. This bailout however will affect you if your neighbors made bad choices when they mortgaged their home, if they lose it to foreclosure you will see a dramatic drop in the value of your home. So in a sense this bailout is for you too--. Kinda sucks, but then it kinda doesn't if your asset's value is protected--
3
Posted on 11/8/08 at 11:42 am to lpsster
I have 2 responses to that. First, I have no intention of selling any time soon, and I do not believe the long-term value of my home is in danger. Second, if the government would stay out of it and let the free market do what it is intended to, then I can have a great opportunity to purchase foreclosed homes at a very cheap price.
Posted on 11/8/08 at 12:12 pm to lpsster
quote:
There is no easy answer to this, myself like you did the responsible thing and took the responsible mortgage. This bailout however will affect you if your neighbors made bad choices when they mortgaged their home, if they lose it to foreclosure you will see a dramatic drop in the value of your home. So in a sense this bailout is for you too--. Kinda sucks, but then it kinda doesn't if your asset's value is protected--
No, there is an easy answer to it. It's called foreclose and let the market return to sustainable equilibrium. If a bunch of foreclosures around me force the price of my house down, then guess what? IT WAS WORTH TOO MUCH TO BEGIN WITH.
Propping up overvalued assets == bad. EVERY SINGLE TIME.
Posted on 11/10/08 at 12:22 pm to lpsster
quote:
if they lose it to foreclosure you will see a dramatic drop in the value of your home. So in a sense this bailout is for you too--. Kinda sucks, but then it kinda doesn't if your asset's value is protected--
Yes bail me out by trying to keep an inflated asset bubble afloat... with my tax dollars. Yes, that is the ticket
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