First Salvos Fired at the Obama Overhaul Plan

By
Real Estate Sales Representative with Wizards of Waz Real Estate

A good article that outlines how everyone is lining up in response to the Obama plan to phase out Fannie and Freddie. The major concern seems to be that it will affect the affordability of home ownership. Given the housing mess and everthing that caused it, is that such a bad thing?

First of all, if the cost of home ownership goes up, it might eliminate some of the people that maybe shouldn't be considering buying a home in the first place. Sorry to sound heartless but too many people have gotten into trouble "pushing the envelope" for a home mortagage. I'm all for anything that can be done to ensure that everyone can purchase a home but I'm not willing to pay for it with my tax dollars. 

Secondly, I may be simplifying things here but the lenders will find a way to make these loans or their profits will be drastically reduced. And we know they won't let that happen. Questionable lending practices got us into this mess in the first place and now its time for them to step up. I'm sure they will be throwing millions of dollars at their lobbying effort and a lot of it will find its way into our elected officials pockets.

Just so everyone doesn't think I'm being "holier than thou", I'm renting right now and am happy to be doing so. It's the right choice for me at this stage of the game and may be the right choice for thousands of others.

I think it's time to call their bluff and live with the consequences!

http://wapo.st/e1w8u1

 

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Tags:
freddie mac
fannie mae
maricopa real estate
obama
maricopa homes
the wizardsof waz

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Rainer
12,538
Kevin Quarterley
Starboard Financial - Gold Canyon, AZ

Hey Bill,

Seems to be never ending. doesnt it? I have been in Lending for 14 years. During the time of NINAs', no docs, neg am, etc, borrowers met the guidelines for lending, but it was a false face. We have now entered a time where you actually have to qualify for a loan. Yes, it is harder. Yes, less people qualify. Hopefully the housing market will emerge from all these past mistakes in better shape. Just have to strap ourselves in.

Thanks for the post

Feb 12, 2011 03:39 AM #1
Rainer
119,215
Bill "Waz" Wasowicz
Wizards of Waz Real Estate - Maricopa, AZ

Thx! I appreciate hearing some comments from the lending side of things. I'm sure it is just as crazy for you as it is for us!

Feb 12, 2011 04:00 AM #2
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Rainer
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Bill "Waz" Wasowicz

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