The Washington Independent - Latest Comments in For the Government, a Step Forward on Mortgages

Re: For the Government, a Step Forward on Mortgages

savings — Wed, 04 Feb 2009 11:32:17 -0000

I couldn't have come at a better time. The recession calls for drastic measures and the mortgage industry is not an exception. Thanks

Re: For the Government, a Step Forward on Mortgages

M Petrone — Thu, 20 Nov 2008 18:02:23 -0000

At least someone is paying to this mortgage situation! Thanks for the info. I will subscribe!
http://www.refinancingcondo.com

Re: For the Government, a Step Forward on Mortgages

Mortgages — Wed, 12 Nov 2008 12:07:42 -0000

Interesting post. There are definitely a lot of issues with mortgages and the economy in general. It's important to stay informed.

Re: For the Government, a Step Forward on Mortgages

Mark — Tue, 11 Nov 2008 15:22:47 -0000

This is more governnment BS, Anything less then a writedown to maket value of these toxic loans in candy coating the problem. When will these idiots come to terms with this problem. Enough with the monkey play and get the people what they need a 30 year fixed loan at market rate and a principal of true market value. Anything else will do nothing to stop this problem from completely putting the US into a deep depresssion.

Re: For the Government, a Step Forward on Mortgages

Bill — Tue, 11 Nov 2008 15:08:43 -0000

We are in an eye of a hurricane; we have been hit with the first wave of the storm. This represents the past, the 700 Billion in foreclosed mortgagees, bad credit swaps and the miss management of the world money supply. This was not a consumer generated recession. This recession was bought on by the financial neglect of banks, Wall Street and the lack regulation of the banking system by the federal government. The money supply has been tainted with infectious money and we are now lining up for the second half of the storm. Now consumer spending has paused and if we don’t act, the second wave of the storm will cause financial chaos and homes like these (i.e. http://www.BuyMyHouseBeforeTheBankTakesIt.com) will fold at record levels.

The real problem is that America is over burdened in debt. Incomes have not increased and America, its businesses and people, need a quick restructuring to create a “continuous” cash flow to ignite spending to support businesses. Without consumer spending, this recession, will quickly turn into to the biggest financial disaster this country has ever seen.

The fastest and most effective way to correct the damage to our economy is to offer low interest loans to consumers to refinance their homes and debt. Credit card companies need to restructure credit card debt into long term low interest non revolving instruments. Mortgage companies need to be able to offer low interest (3 to 4%) 30 year mortgages for refinancing. Once we restructure the debt load and create this continuous cash flow, banks should revert to sound lending practices to prevent this mess in the future.

Once we restructure the debt loads, disposable incomes will be on the rise and spending will commence. The quicker we restructure debt, the faster the economy rebounds. If we don’t restructure debt, bankruptcies will prevail. If I were an investor, I’d rather get 3% back than loose everything.