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What Lenders Could Have Done to Avert the Foreclosure Crisis
Real Estate – I was chatting with a friend yesterday about her upcoming balloon payment on her mortgage. Like many, she owes more than what the house is worth and we talked about options such as contacting the lender to modify the loan, or paying down enough principal over the next few years to get back to an equity position.
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Yeah, they could have done more by not loaning deadbeats money.
well i'm gonna give you a pos..for that. but banking regs put in place allowed many of the wrong people to qualify....
just like NASCAR stretch the rule to the limit..
if the rules and regs hadn't been relaxed.. well that would have solved the problem of today..
however the housing market was the ARTIFICIAL STIMULUS sustaining much of the economy the last 7 years....
Both Bush presidencies created the HIGHEST FORECLOSURES IN HISTORY... coincidence .. I think not..
Now you should ask who pushed for the regulations to be relaxed? Were the rules relaxed because some groups wanted to increase home ownership among minority groups? Were the leaders of those groups behind the pushing for relaxed rules in terms of down payment percentages and income requirements? If so, who is to blame.
it was done to fuel the economy.. plain and simple.. ..
works WAAAAAAAAAAAAAY better than tax cuts... for a while..
I've been IN THE BIZ for over 25 years.. .. so I have more than a fair idea of how it works....
lots of money to be made.. on both sides of the equation...