In another impotent attempt to do something (driving blind folded) our government rolled out the 3.9 billion dollar Neighborhood Stabilization Act (NSA) designed to purchase properties going into foreclosure in hopes of stabilizing a real estate market that is declining according to our government.
This is another example of spending money instead of setting the table allowing the consumer to recover on their own. Every single program implemented from the Bush Administration and by our current Administration have failed miserably and has cost all of us billions.
Eighteen months of hearings by Frank & Dodd interviewing CEO's of banks and no meaningful system holding banks accountable forcing them to make meaningful note modifications for those homeowners still employed exists.
The government took away the down payment assistance program. They wish to increase the down payment for FHA loans. They are "thinking' about extending the tax credit for first time home buyers. What on earth is there to think about? ALL COST NEUTRAL. All are tools to help our real estate market turn around. Thinking and a politician mentioned in the same sentence now days is an oxymoron. No leadership on either side of the political spectrum.
Private investors are out bidding the government NSA program so it looks like another in a long line of ‘stupid' will fail and maybe the unintended consequence will be we as tax payers will save most of the 3.9 billion.....probably not....what was I thinking.
Please write your representative.
I wish us all well.