Comments for CRL to Congress: Act Quickly! »
Posted By altnrg 1 year, 2 months ago in NewsThe approval of the $700B bailout legislation is just the first step to address the national financial crisis. Congress now needs to turn its attention to the distressed homeowners.
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jovial1 year, 2 months ago
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The million dollar question is how. We are going to pay a heavy price for this no matter how we do it. Let's say we buy up all the mortgages and reloan the money at current market value. I don't know how to set current market value! Real estate prices haven't stabilized yet.
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altnrg1 year, 2 months ago
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Totally agree, very heavy price. Since this crisis is a deep one including lost of confidence in the financial system it seems to be a long one. As you mentioned a period of stabilization is necessary to build trust again and only after that the market could start growing in a healthy way.
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gamahuche1 year, 2 months ago
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I think for virtually all of us propellering its a brand new game and none if us know the rules.
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The biggest problem to me seems to be that in order to resolve it we need to work co-operatively, on a world-wide basis BUT we have no experience of that and undoubtedly some people will be trying to grab the lifebelts for themselves - and that will f*** it up for everybody!
The British and the Icelanders have already had a huge run-in - as yet unresolved.-
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altnrg1 year, 2 months ago
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Sure it should be a combined effort to heal several elements of the economy. Create liquidity, create jobs, bring back the trust in financial institutions...
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The current economy is wounded and should be treated as such, the solution could not be a tiny cosmetic effort.
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Eagle_Eye1 year, 2 months ago
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I know there are a lot of people that are losing their homes, I know there are a lot of people struggling to make mortgage payments. I feel really blessed that we aren't in that situation.
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But we are in a delema now, we were approved 3 weeks ago for a construction loan at 5.7%, now that has jumped to 6.35% because we can not lock a construction loan in until the house is finished, 4-6 months from now. I don't know what to do!!!
I am scared to proceed, will my builder, even though he is one of the best in the area, have the credit to build my house?? We are only allowed 5 draws, WTF, so much can go wrong.....I am so scared we just put a hold on every thing!!!! -
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CHAM1 year, 2 months ago
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I have heard many statements calling for stabilizing home values. This is a very necessary thing but Obama in the last Debate really hit it right although it must not have resonated with anyone other than me, or I could be wrong.
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He said " Stabilizing home prices is very necessary, but healing the economy is the first priority, because if people don't have a job, a means to pay for their homes, money to buy food and other needs, it won't matter what the home values are".
When we bailout the loan companies, those high priced Corporate people will be rescued, the stockholders of those companies can avoid income loss, but that doesn't mean that any of that money will go toward improving the economy. They, the financial companies can whithold that money waiting for more favorable returns, whether they be in America or the Far East. What is to stop them from sending the money just taken from you and me and investing it in India if they can get a better return?
Didn't we get in this mess because these Financial Corporations were chasing after the highest return - to hell with the risk?
The people who got us here need to go to jail, because they took our money directly ( deposits, 401K's, etc ) and indirectly ( loans from the Fed i e. taxpayers money ) to make high risk investments for themselves.
Credit Companies need to be brought under control. I wrote a paper earlier this year concerning Capitol One. Their largest single source of income last year was penalties and hiking interest rates for nefarious reasons. In my case my interest was raised from 6.9% to 12.9% although I hadn't missed a payment or been late on any card or loan for anyone in the seven years that the Credit Report covered. My Credit score was excellent. I had the cash to pay off the loan so I did. Many people are not so fortunate. I was unable to get a law firm to take my case and help me get a couple of other people to go together and file a class action suit. All the law firms said it would be very expensive and might not be winnable. -
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Harbeas1 year, 2 months ago
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Hopefully we will learn from this disaster. We don't need homes the size of Buckingham palace. America was into the buy everything big and the bigger the better. We didn't need cars the size of sherman tanks, designer clothes and all the other things that we went into debt to buy. We must learn to live within our means.
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