Mortgage Bailout - Here it comes?

By
Real Estate Agent with RE/MAX N.O. Properties

New Orleans Real Estate - Government Announces Mortgage Bailout Bills

According to CNN, the Senate has announced that it will bring a housing package to the floor as soon as this morning. The exact specifics of the package have not been completely revealed but the focus is incredibly clear…help out the nearly 1.5 million homeowners with sub-prime mortgages that will reset to higher interest rates this year.

Once the bills are passed I will discuss each one in depth, but right now I wanted to pose a few questions. First of all, is it the Government’s (ultimately tax-payers) responsibility to bail out individuals that have made poor financial decisions? In the same vein, is it the tax-payers responsibility to bail out businesses such as Bear Sterns? Is the Government acting in the Country’s best interests or their own as it is an election year? What, if any, action do you think that the government should take.

How does this affect New Orleans real estate? Well, we need to see what the actual package is made up of.  Stay tuned for future posts regarding the specifics of the mortgage bailout. 

You may also be interested in: New Orleans Real Estate - The Definitive Blog

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This New Orleans Real Estate mortgage bailout post was provided by Darryl Glade, Realtor with RE/MAX N.O. Properties. Darryl can be reached at darrylglade@remax.net or by phone at 504.451.8960. Darryl’s office is conveniently located in Uptown New Orleans at 8001 Maple Street. Darryl works throughout the Greater New Orleans area including Uptown, Lakeview, Broadmoor, Mid-City, Metairie, Kenner, Westbank, French Quarter, and the Warehouse District.

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