Well to sum up from the Realtor board:
"So here's what we have achieved: 1) the loan limits will be raised to $727,000 in high cost areas, 2) the tax credit will be raised to $8,000 with NO payback [a true credit], 3) interest rates have come down 125-150 basis points, and 4) the bill has over $50 billion in it for foreclosure mitigation, with Geitners Treasury plan signaling that the second half of TARP and TALF will be used to mitigate foreclosures through a government guarantee, drive down interest rates by buying another $200-300 billion of mortgage paper from the GSES's thereby freeing them up to do the same with new mortgages, and Fannie has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10."
So what has this done?
I am not really sure and only time will tell.
I do know one thing taking on more debt has never helped to get one out of debt.
I am sure for every argument you find for one way, there is an equal argument for the other.
Bottom line - I have never met some one that is as careful with money as when it is you with your own money.
When we tend to be using someone else's money we tend not to be as cautious.
When we were faced with this issue in the early 80's I think Reagan did it right.
Now the question is, did Obama do it right?
He just signed our kids up for a credit card bill that their kids will be paying for.
Lets hope it works, other wise all we will have is change.
Comments(0)