Are you suicidal or just tired of real estate?
Are you suicidal or you just don't believe in home ownership, the American Dream?
Are you suicidal or just plain ignorant?
Are you suicidal or just plain stupid?
Are you suicidal or do you just hate other people?
Are you suicidal or do you have your home and don't think others deserve a chance to get one of their own?
Are you suicidal or do you seek to in slave the populous?
Are you suicidal or just don't understand real estate?
Are you suicidal or a politician?
I was going to revise Chicken Little and The Big Bubble from September 27, 2006 then I read an anonymous commenter on Richard Zaretsky's A HOME WITHOUT EQUITY IS JUST A RENTAL WITH DEBT another call for 30% down payments, just lkie "Henny Penny!" This commenter is suicidal if he's in the real estate business and or an American.
What would be accomplished by 30% down?
Those that lost their jobs probably couldn't afford their home even with a smaller payment, look at the nearly total recurrence of default on modified loans . Those with liquidity are far better off than those that use to have equity! Equity Is Optional / Liquidity Is Mandatory!
What would happen if we did require 30% down?
Values would plummet father as fewer people could buy homes.
Building would slow possibly stop, ending our last major industry. Our steel and cars come from Japan, but there's no practical way they can build or homes.
Banks would go into non-real estate crack-pot lending. Banks have to make a profit by lending only part of what they pay interest on.
Retirement savings will be a joke, we'll have banks charging customers for mismanaging our money.
In relatively short order the masses would be forced into government housing.
Property taxes would sky rocket as fewer and fewer properties pay taxes!
The best way to protect property values is to stimulate home ownership!
The best way to protect banks is to require default judgments.
The best way to protect tax payers is to allow banks to fail! The depositors were never in danger, remember FDIC!
The "stimulus" that stayed in the USA only striped the stock holders of their equity and reinforced the very executives and board members that caused the problems!
Are You Suicidal? With the overwellming mis and dis information proagated in the press and our own mieda it almost understandable. Please just take your hemlock and leave the rest of us out of it.
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