Some of you may be jumping for joy!!! while some of you may be utterly disgusted!!! Whatever your perspective - GET OVER IT!!! President Obama officially signed the Economic Stimulus bill into law today.
Here's the reality.....at least from people I talk too.............Our economy has been st
uck for more than 6 months so taking the posture of criticizing any effort or doing nothing is simply A Naysayers' delight. On the other hand doing nothing, just for the sake of being cantankerous offers ZERO solution. While I am sure a better bill could have been drafted ......... the debate would have been endless.
Also, for proper disclaimer......I am a supporter of President Obama, which should not imply I approve every single thing he (his administration) presents but uhhhhh - last time I checked.......the days of micro-managing yield worse results than doing nothing. Further, that's why the public votes for a leader (c'mon don't get me started about how there was a huge chunk who didn't vote for him........my point is we gotta move forward so I don't want to spend time second guessing or talking about how bad a deal it was or how my great great grand.......will be stuck with the debt.....Aren't we stuck with some of our grandparents debt?????)
On a more serious front - my side of the business is lending and for me what is truly needed is a pragmatic approach that offers assistance to the vaccum created from the Alt-A crop of clients (which happens to be most) because our lifesyles have changed. I'm not talking about creating programs for people who can't qualify for a cup of coffee or the con artist who are still in our industry and jimmy up client's documentation to "make them look good" just to get a deal through. No, I'm talking about those potential clients who may be self-employed or who may not be your traditional client and are in between the FHA program and the Conventional - someone shout Alt-A!!!! All I'm saying is that market has been the most dissemated from the mortgage meltdown and a good majority of those type of people were not criminals, con-artist, scammers or trying to get something for nothing, but simply on a credit basis could provide the credit, could provide the down payment BUT COULD NOT PROVIDE THE DOCUMENTATION that is required on the FHA product or the current Conventional. What is needed for YOU TO CONTACT YOUR NAR, CAR, Senator, Assemblyperson, Councilperson or even the President and do some good old fashioned lobbying.
What if............the big banks who took bail out money were required to put a portion of those fund into a solid pool so we could lend to the market described?????? There still is tons of money left for those traditional clients but we need to force feed the market that has been forgotten or felt to imply.....they were the reason for the mortgage meltdown, which is pure bull. Guys, we gotta hit the streets because the clients WHO CAN QUALIFY simply are not buying or have already bought, so let's stop pretending we're going to churn that group - because in reality there is only so many of them. We must make an solid assault on the market that is not being served, WHICH DOES NOT MEAN WE THROW AWAY PRUDENT UNDERWRITING OR BASIC CREDIT STANDARDS.
Now that is a market worth cultivating and I know if done properly would provide the housing stimulus we are yearning, without all of the hype of a person getting $15 extra each week!!!!!
Chime in and ante up your 2 cents because whether you like the Stimulus Package or not, AT LEAST THERE IS DISCUSSION ON THE TABLE AND NOW OUR NATION CAN START TO TACKLE THE HOUSING MESS.............
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Fred Thomas, III VP, CB
Vice President, Chief Bloggeroligist
Omega Capital Financial, Inc.
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