Good News on the Housing Front!

[2manyrocks]

Cash and carry only--for individuals and the govt. No tickkie-no washee. No $--no spendy.

 

[beenthere]

This is another sad day for this country. Cannot freeze anything and fix the problem.
Another socialist move that puts the Gov't into more and more control.
Do I want that....NO!

Our grand children and their children will suffer greatly. We are not being fair to rape this country and live so high off free Gov't money so that others will "pay" for it in their future. Just plain not fair or right.

 

[timswi]

The government needs to get out of the way. This will correct itself if the market isn't distorted. They are trying that right now.

Keep in mind that these housing meltowns have happened on a micro level around the country forever. It corrects itself after a while. There are plenty of people on the sidelines waiting for the market to stabilize, ie. hit bottom. Once that happens, there will be normalization.

The blame is equal all the way around. Government, Wall Street, some banks and lastly the consumers. If you make $40k you have no business buying a $400k house. Common sense, that's all.

 

[SimS]

........ Common sense, that's all.

That's the problem, no common sense anywhere you find government intervention or participation. Ignorance is the most important problem we, as a country, need to solve. I'm not talking more government student loans. I mean people need to continue to wake up, think and hold the Washington DC crowd's feet to the fire. Printing and spending our children's money is definitely not the answer. Make sure you participate in the next election this November. Research each candidate's fiscal policy and vote for the person who has a solution you understand and think that it may have a chance to fix some of our problems. These politicians arrive in Washington DC because they are elected. We need to start electing folks that understand financial problems and solutions.

SimS

 

[keegs]

Is it Las Vegas or is it Boise that has the highest home foreclosure rate? ..Or maybe it's San Diego...?

USATODAY.com - Bush seeks to increase minority homeownership

 

[Sigarms]

That's the problem, no common sense anywhere you find government intervention or participation.

But isn't it the duty of the goverment to provide for those who have not?

People couldn't afford housing, so the goverment gets involved.

People couldn't afford healthcare, so the goverment gets involved.

Currently involved in a couple of projects with contractors in the low housing market utilizing goverment stimulous money. The specs that are set forth for renovations are absolutely ridiculous IMO and are a complete waste of money for what is trying to be accomplished.

Research each candidate's fiscal policy and vote for the person who has a solution you understand and think that it may have a chance to fix some of our problems.

Problem is, you can't see into the future. When it comes to wasting money, everyone wants to spend the goverment money in their area. As one politician said on TV, if the goverment is going to waste money, might as well do it for "his" voters.

Heck, up in Sparta on the NC/VA line, they had one "conservative" politician try to secure $500,000 for a "tea cup" museum" (with a total estimated cost to build in the millions). They argued that it would bring more tourists to the area.

 

[keegs]

That's the problem, no common sense anywhere you find government intervention or participation. Ignorance is the most important problem we, as a country, need to solve. I'm not talking more government student loans. I mean people need to continue to wake up, think and hold the Washington DC crowd's feet to the fire. Printing and spending our children's money is definitely not the answer. Make sure you participate in the next election this November. Research each candidate's fiscal policy and vote for the person who has a solution you understand and think that it may have a chance to fix some of our problems. These politicians arrive in Washington DC because they are elected. We need to start electing folks that understand financial problems and solutions.

SimS

SIMS..While I agree that in some respects it appears that the road to **** has been be paved with good intentions here, we should also remember that government support for home ownership in America has existed since the thirties and has helped to provide the average American with the ability to accumulate wealth and enjoy a relatively high living standard.

If you financed a home in fact your mortgage may likely be insured by a government program like FHA. So I'm not sure these programs in and of themselves are entirely to blame. And the notion as some would suggest that all of this is the fault of some ethnic or socioeconmic group within the country, although surely poor choices were made, comes across to many as small minded and even racist.

Securitized loans, collateralized debt, a compromized securities rating system, a politically inspired, anti-regulation mantra, executive compensation structures, credit default swaps, huge money flows from China and oil producers looking for investments......are all elements of this financial crisis.

Financial engineering has provided the means to unlocking liquidity but it clearly got ahead of itself and the government's ability to structure and regulate the financial markets.

 

[FallbrookFarmer]

SIMS..While I agree that in some respects it appears that the road to **** has been be paved with good intentions here, we should also remember that government support for home ownership in America has existed since the thirties and has helped to provide the average American with the ability to accumulate wealth and enjoy a relatively high living standard.

If you financed a home in fact your mortgage may likely be insured by a government program like FHA. So I'm not sure these programs in and of themselves are entirely to blame. And the notion as some would suggest that all of this is the fault of some ethnic or socioeconmic group within the country, although surely poor choices were made, comes across to many as small minded and even racist.

Securitized loans, collateralized debt, a compromized securities rating system, a politically inspired, anti-regulation mantra, executive compensation structures, credit default swaps, huge money flows from China and oil producers looking for investments......are all elements of this financial crisis.

Financial engineering has provided the means to unlocking liquidity but it clearly got ahead of itself and the government's ability to structure and regulate the financial markets.

The Race card Keegs?
So anyone who criticizes Fannie and Freddie are racist?
Excuse me while I get my sheet out of the closet, but to the best of my knowledge, no one has brought up race in this discussion. Only you.
Oh BTW it's not the government's job to "structure" the market. It would be in a socialist or fascist society, but we ain't quite there yet.

 

[dave1949]

That's the problem, no common sense anywhere you find government intervention or participation. Ignorance is the most important problem we, as a country, need to solve. I'm not talking more government student loans. I mean people need to continue to wake up, think and hold the Washington DC crowd's feet to the fire. Printing and spending our children's money is definitely not the answer. Make sure you participate in the next election this November. Research each candidate's fiscal policy and vote for the person who has a solution you understand and think that it may have a chance to fix some of our problems. These politicians arrive in Washington DC because they are elected. We need to start electing folks that understand financial problems and solutions.

SimS

I don't agree that removing government from the equation is the answer. I think what is needed is the correct amount of unbiased oversight.

Maybe the question to ask those running for office is - will you take care of the country's business, or, will you waste our time and money arguing, fighting and pandering over moral issues which are none of your business?

Also, there are too many political appointees in federal government. Like a professor with academic freedom protected by tenure, a bureaucrat needs the education and experience to advocate intelligently for their area of responsibilty. Whether that's for energy, environment, education, defense, interior or finance. Decisions need to be made based upon knowledge and fact, not political or philosophical affiliations.

Way too much hot air and nonsense surrounds every action in Wash. DC. It has become popular to use the government as a means to an end that has nothing to do with good governance.

Dave.

 

[FallbrookFarmer]

That's the problem, no common sense anywhere you find government intervention or participation. Ignorance is the most important problem we, as a country, need to solve. I'm not talking more government student loans. I mean people need to continue to wake up, think and hold the Washington DC crowd's feet to the fire. Printing and spending our children's money is definitely not the answer. Make sure you participate in the next election this November. Research each candidate's fiscal policy and vote for the person who has a solution you understand and think that it may have a chance to fix some of our problems. These politicians arrive in Washington DC because they are elected. We need to start electing folks that understand financial problems and solutions.

SimS

You are only about 1000% correct.
The only problem with expecting the political class(and that we have a political class is part of the problem) to use common sense, is that the electorate has to have it first.