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New legislation that will make things worse

There is new legislation pending in congres taht is supposed to help the victims of foreclosure, whereby there would be a delay of as much as twelve months put into the legal process. Thisis not good for 99% of the people in this country. here's why:

If you are in the 1% (probably less) who did not lie on their mortgage application, who actually live in the property in foreclosure and who really did not understand what you were getting into; then this bill will give you some time to figure out what you need to do to stay in your home.

For everyone else, not just the liars and people who should have known better, but all of the people who are NOT in foreclosure, this bill stinks. It stinks becaus eit will delay the housing recovery by another year. I still think it will take at least until 2011 for teh housing market to get through all of the foreclosures (see some of my earlier posts) and this will only make it a longer process.

If congress wants to help they should speed up the foreclosure process not slow it down.

Posted by Michael Pinter on 05/23/2008 11:07 AM

Comments (2)

reverse mortgage, foreclosure, housing crisis, real estate market

Post is included in group: By Referral ONLY active Rain Makers!!
Post is included in group: Seniors Real Estate

2 Comments on New legislation that will make things worse

!00% Right Michael

The Only problem you have with your argument is, that you are playing with an emotional concept. You and I are not in public office therefore we can afford to think logically. But they, and I mean the congressional personal, are up for re- election they have to show they care.

The good thing about the US government is that we are never at a shortage of dollars. If the housing recovery takes longer, The fed will print more money (in other words I O U Bill) pump in a few billion dollars and raise our taxes. they will find away to scratch their left ear with their right hand

Great Post and an rant,

Sincerely

Joel Silberstein

05/26/2008 09:22 AM

by Joel Silberstein (The Silberstein Group)

I know that it takes a lot of guts to do something that may not be popular, but is in the public's best interest. That is one reason why I like our current President. Like it or not, he believes that the war in Iraq was the right thing to do and that staying there will accomplish something. Even though most of the country disagrees at this point, he is doing what he thinks is right.

I wish some of the members of congress would educate themselves about the problem and do what is right instead of what seems to be popular.

05/27/2008 01:05 PM

by First Meridian Mortgage/Trump Financial

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