Just Released Report for your Weekend Reading
Tarp Oversight Report Criticizes Administrations Loan Modifications Program
Interesting Report by the Congressional Panel that oversees the government’s financial bailout plan that was of course... released on a Friday.
Read the 168 Page Report Here
Full of great information that goes over the waves of foreclosures, future waves of foreclosures on the way.. redefaut rates for loan modifications already performed and suggestions to improve the program that will be forwarded to your Representatives.
Whether you agree with it or not... this is what your Representatives will be receiving and thinking about on any future bailout programs, lending to lenders, delaying the inevitable, dough for dumps.. or whatever.
Personally... I found it very comprehensive loaded with information and charts including the future Option Arm Resets coming soon and other various challenges such as the unemployment rates creating the next wave of foreclosures. Of course... how it is comprehended is another story and sadly, that will probably be based on what Party Card they have instead of common sense.
Regardless of how real estate professionals comprehend the report, the report does appear to suggest an even more aggressive approach to deal with the Housing Crisis including this analysis / suggestion of paying the Unemployed Homeowners Mortgages on page 107:
(Nice how they are so concerned about the Lender getting paid..)
Recently... there was an Op Ed piece in our Local Paper well worth the read about extending the pain indefinitely that basically covers the teachings of the Austrian Business Cycle. After every distorted boom, there must be a bust for the economy to return to normal.
Read the article... then consider everything in the report and you have to ask if we are just delaying the real healing and a return to a "normal" real estate market.... after a couple of trillion or so already spent.
The Definition of Insanity anybody?
Paul Francis, CRS
Prudential Americana Group
Las Vegas Real Estate
702.592.3058
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