Local Real Estate Comments and Ramblings

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Obama To Bail Out Underwater Homeowners | Fannie Freddie to FORGIVE Negative Equity?

 

I only partially agree this would be a good thing. In the near term it would help underwater home owners. However it does not address the stronger underlying issues in the economy – mainly unemployment.

Also, as Tim mentioned, it piles on a huge federal debt. The amazing rate at which the federal debt has grown in the last two years is making people very nervous. I think the long term effects would be negative.

 

 

Harris Real Estate University Students and future students…if this well sourced rumor is true….we are about the experience and simply epic shift for housing.

On August 17th President Obama may announced that Fannie Mae and Freddie Mac will FORGIVE negative equity…..

Before you cheer…think about the ramifications. There is no such thing as a free lunch and the simply stunning amount of money this would require (Nearly ONE TRILLION DOLLARS) would results in higher taxes not just for you and me…but, for generations to come.

Here is the article:

READ ARTICLE HERE.

*****

 

 


Bob Southard
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Comment balloon 4 commentsBob Southard • August 06 2010 10:01AM

Comments

I've only been in real estate for 45 years - how can one FORGIVE negative equity?

Posted by Wallace S. Gibson, CPM, LandlordWhisperer (Gibson Management Group, Ltd.) almost 9 years ago

:-) 

It's simple.  The government writes a TRILLION dollar check and then every American pays for the next 100 years or so.

Posted by Bob Southard, e-Pro - Cobb, Cherokee, North Fulton (Atlas Realty Service, LLC) almost 9 years ago

News alert today that the Obama administration is denying the whole thing.  We'll see.

http://www.moneynews.com/StreetTalk/Treasury-Denies-Big-Fannie-Freddie-refinance/2010/08/05/id/366736?s=al&promo_code=A711-1

Posted by Bob Southard, e-Pro - Cobb, Cherokee, North Fulton (Atlas Realty Service, LLC) almost 9 years ago

I got into a discussion with a friend about this forgiveness issue.  She is upside down and is for the forgiveness, I am not, even though I have a family member who is in the same boat.  My friend feels the loans were given out too easily and as a result her value is much less than her mortgage; why should she be penilized for the market, it's the banks falt.  I on the other hand don't feel I should have to pay for everyone else defaulting, if I had to sell my home I would be short also.  Since I can afford my mortgage I am the bad guy.  Believe me, I wish I didn't have to pay my mortgage either; maybe I should walk away from our house and jump on the band wagon too.  Imagine if everyone who is paying their mortgage felt the same way.   

Posted by Lois Davies, Cape Coral & SW Florida (Century 21 Birchwood Realty, Inc.) almost 9 years ago

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