Real estate agents message to Washington: America needs your help
2008-12-02 23:25:19 (GMT) (Caymanmama.com - Real Estate News Top Stories News)
There are 7 ½ million homeowners owing more than their homes are worth and over two million additional homeowners in the same fix if the home prices go down another 5 percent
Dallas, Texas (CaymanMama.com) – The housing market meltdown fueled by Democratic Senator Chris Dodd and Representative Barney Franks indicating everything at FannieMae and FreddieMac were fine and in accordance with their target of giving sub-prime loans to people that couldn’t afford them has now virtually destroyed the economy. Home sales have fallen to the lowest levels in 18 years.
In addition to the massive number of foreclosed and short sale homes, there are 7 ½ million homeowners owing more than their homes are worth and over two million additional homeowners in the same fix if the home prices go down another 5 percent. Guess who is in the same chairmanship seats that chose to over-rule the other party and continue with the sub-sub prime loans?
If anyone in DC is listening, real estate agents across the nation would like to recommend that all of the sub-prime home loans that were purchased by speculators that are in default are taken away, especially if they are tenant occupied with the owner collecting the rents, but not making the mortgage payments (as was discovered by the Sheriff in Chicago.) The tenants could possibly become the owners over a long period of time if possible.
Another use could be to give special considerations to the returning military who would probably be entitled to get their own mortgages and it could take care of their entitlements while curing another problem for the government.
American citizens will remain victims of the greed caused by the loose lending standards of Washington and Wall Street for some time to come, but we hope they will separate the causes and effects into specific categories to be fair for the victims of the fiasco.
This article brought to you by Dallas Ebby Halliday Realtor Joan Severson - JoanSellsDallas.com
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