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House Panel to Grill Regulators Over Housing Slump

By Mark Pilatowski

Title Insurance with myClosingSPACE

September 05, 2007 12:16 AM

I just found this article in my handy Google Reader this morning. It seems that with elections coming up our fearless leaders in congress have decided to do some digging into the problems in the housing market. Being a free market guy I am always leery about the federal government involving themselves in these situations. Of course I understand that there are many people facing serious financial hardships and the possibility of losing their homes but I have seen too many instances of government stepping in and actually making things worse. In this case it looks like it just may be some grandstanding and a way to look like they are there for their constituents but I will have to keep an eye on it.

Don't get me wrong, I think that there are some problems that need to be worked out but IMO when the federal government gets involved the short term problems may be alleviated only to create more severe long terms problems down the road. I will be keeping an eye on this situation to see if they actually attempt to do anything or if they are just putting on a show to make it seem like they are there for the people.

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John Klassen

M & T Bank - Kingston, NY

Nothing like an election year to ensure that the doing nothing insert themselves into a crisis. Afterall our so called leaders are men and women of action. Here to protect the constituency. Right the wrongs, help the down trodded, muck up the works. Besides the legislative break is sure to end soon and they want to make sure we think they are doiong ....well...something...

Sep 05, 2007 01:19 AM

Brian Schulman

Coldwell Banker Residential Brokerage, Lancaster PA - Lancaster, PA

Lancaster County PA RealEstate Expert 717-951-5552

Mark, it's really quite tiresome to watch these heroic congressional types calling the people who do the real work up to Capitol Hill for a public grilling. What's even more depressing is that so much of the public continues to fall for this hypocritical posturing.

Sep 05, 2007 01:23 AM

Mark Pilatowski

myClosingSPACE - Manhattan, NY

It would almost be comical if it weren't for the fact that these people are supposed to represent our best interests. The sad reality is that for the most part they only represent us when they can get on camera. I do believe there are still some congress people who do care about their constituents and work hard for them but IMO many are only looking out for themselves and their party.

Sep 05, 2007 01:33 AM

Eric Kodner

Wayzata Lakes Realty: Eric Kodner Sells Twin Cities Homes - Minnetonka, MN

Wayzata Lakes Realty: Twin Cities, Madeline Island

I read a lot of AR posts last week about the President proposing changes to FHA in order to revive the housing market. Those posts got a lot of hopeful, positive comments. So I'm puzzled now that Congress is suggesting its own fixes, the response is negative.

It doesn't make sense. The President can't do anything without the approval of Congress anyway. Why is it hopeful and positive and wonderful when a proposed solution comes from the White House and a big downer when it originates from the House or Senate??

Sep 05, 2007 01:44 AM

My problem has more to do with the fact that this has nothing to do with congress actually proposing changes. It seems to me that they just want to look like they are doing something. Like I said I will continue to watch this to see if anything comes of it but to me it reeks of elected representative getting some face time right before an election. It reminds me of the whole steroid scandal in baseball. They trot out some big names and interrogate them to satiate public outrage and look like they are doing something and then do nothing about the problem (not that congress really has a say about what goes on in MLB). I really don't see anything substantial coming out of this other than the congress people trying to look like they are doing something for the little people.

I could very well be wrong and I hope I am but it looks like nothing more than grandstanding. I actually think the changes proposed for FHA loans can be a good idea but unless congress actually does something after these hearings my opinion on why they did this will not change. If I am wrong I will happily admit it.

Sep 05, 2007 02:24 AM

Rob Robinson- Lehigh Valley PA

Bertrum Settlements (Title & Abstract) - Allentown, PA

I think the Demo's will drag this 'crisis' out as long as they can if it even smells like the Administration will get kudo's for 'helping people in need'.

Politics as usual.

I'm ok with letting the free market work its own way out of this mess. The "Shock and Awe' of the administration, Congress and ........ Mortgage Brokers would be rather comical, if it weren't so sad.

Let's see.........no doc, 100% financing..... 400 credit score :^) ........... YOU'RE a PERFECT candidate for a home......

Sep 08, 2007 03:18 PM

House Panel to Grill Regulators Over Housing Slump

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