WHAT? No signing ceremony for the new housing bill?!? That's right... IT'S A JOKE!

By
Real Estate Agent with Keller Williams Realty

uh... could you please repeat the question?

where are those damn 5th graders when you need them?

 

Oh, that's right... they want to get this one signed on the hush(or at least it seems). I thought all major bills received a signing ceremony at the White House so that the President could acknowledge all of the wonderful lawmakers who so generously pushed it through Congress. Isn't this the governments cure to the housing crisis? Shouldn't this be broadcasted to the nation as Team America prepares to be Superman to all the so called "victimized" homeowners out there?

First of all, how much of that $300 Billion dollar plan do you think will be squandered by our knowledgeable and trust worthy government? Second, I thought we were already in a recession. Doesn't passing a bill like this one only cost us even more in the near future by lowering the value of the dollar? Finally, does this mean we should all buy Fannie & Freddie stocks now? :-)

Of all the opinions I have heard on this subject, there seems to be a lot of Republican this and Democrat that. Lets be real for a moment... it doesn't have anything to do with either party in my opinion. They are all corrupt in some way shape or form and to think otherwise is simply black and white. Most of us live in a grey area.  Sure, it can be argued either way, but there will always be that disagreement. Some say conservatism equals greedy crooks who deserve to be thrown in prison for life. Some say that it is about time the government decided to push forward with a relief plan. Regardless of what opinion you agree with, I personally cannot help but DISAGREE with this bill.

There are plenty of innocent homeowners out there that have fallen victim to predatory lending, equity stripping etc, or simply lost their jobs and could not keep their heads above water. My bitterness is driven by all the irresponsible people who deliberately overextended themselves and should have known better. No, it did not help that lending practices were allowing EVERYBODY to get a loan, some up to 55% debt to income ratio, but still. There are professionals out there that you can employ to manage your money if you do not know how to do so yourself! I can't help but NOT feel sorry for you! Boo hoo hoo... cry me a river... you bought too much house that you knew you could barely afford from the start, and now you are looking to the government(and the american people) to bail you out. Then there are all those lazy wellfare minded folks that could not afford the rising prices of food, gas, etc on top of their ridiculous car & credit card payments. Of course you can't afford your home anymore! Why should that become the responsibility of the American population that works for a living? And don't even get me started on clueless investors. Good thing this bill is not supposed to help out ignorant investors, otherwise I would REALLY lose my mind!

Again, this bill was created with good intentions, but it is simply speculation on the governments part. As Realtors, we all know the risk of specualtion within our business, but if you take that same concept and apply it to a $300 billion bill that will eventually affect us all, is that not a scary thought? Obviously they are trying to counteract the falling prices of homes across America, but what they failed to acknowledge is that prices are determined by the simple concept of supply and demand. Seriously... do they really think restoring consumer confidence in Fannie & Freddie will fix the housing crisis?

BTW, I apologize if I offended any GW fans out there with the above picture. What is a sense of humor good for if you never use it :-)

 

Comments (16)

Charles Buell
Charles Buell Inspections Inc. - Seattle, WA
Seattle Home Inspector

Peter, gotta agree with you on this one:)  Gotta remember the grey areas

Jul 28, 2008 06:02 AM
Peter Mann
Keller Williams Realty - Bellevue, WA
Peter Mann Seattle-Bellevue Real Estate Agent

Thank you for the fast response Charles :-) Yeah, I could go on for hours about this subject, but then I would eventually get worked up and there is no reason to increase my blood pressure if I don't have to :-) That is why we have this wonderful site called Active Rain where we can vent our frustrations and opinions without physically speaking a word :-)

Jul 28, 2008 06:07 AM
Dana Couch-Davis
Kendall Haney Realty Group - Memphis, TN
CRS, GRI, ABR, SRES

I agree with you Peter.  But at least we got someone who has oversight for Fannie and Freddie out of this and there is "supposed" to be oversight so the execs at Fannie and Freddie don't get these outrageous packages, platinum parachutes, etc that they have gotten for getting us into this mess.  Will this help anything? Probably not, but it will probably keep us from going into a Great Depression Era again. 

Jul 28, 2008 06:19 AM
Peter Mann
Keller Williams Realty - Bellevue, WA
Peter Mann Seattle-Bellevue Real Estate Agent

Thank you for your words of wisdom Dana :-) Yes, there is "supposed" to be oversight but who knows to what extent. That's the beauty of it all I guess. WE THE PEOPLE can only piss and moan about it as much as we like, but nothing will ever change.

Jul 28, 2008 06:24 AM
Debbie Small
Long & Foster Realtors - Martinsburg, WV
REALTOR

It's a bit like putting a bandaid on cancer.

Jul 28, 2008 06:26 AM
Thomas Hargreaves
TriStar Financial Services - Eugene, OR

If you think this one is bad, has anyone heard about the Bill that Senator Obama introduced????  It will take $400,000,000.00    in order to cut  WORLD poverty in half by 2012...   We have only reduced poverty in the United States by about 1% over the past 10 years.. and he thinks we can spend 400 billion in tax payers money to end world poverty...   Can you say   Communism???? or Socialism?  that is where we are heading

Jul 28, 2008 06:29 AM
Peter Mann
Keller Williams Realty - Bellevue, WA
Peter Mann Seattle-Bellevue Real Estate Agent

Exactly Debbie :-) I made a similar reply on another blog when I said that it is like sending a 10 lbs bag of rice to sub-saharan africa expecting it to revitalize all of the undernourished men, women and children.

 

Jul 28, 2008 06:30 AM
Peter Mann
Keller Williams Realty - Bellevue, WA
Peter Mann Seattle-Bellevue Real Estate Agent

LOL! I agree Thomas :-) And to answer your question... I would lean more towards the lines of Socialism

Jul 28, 2008 06:32 AM
Gerri Weits, PA
Commercial Realty Team - North Palm Beach, FL

How about re-arranging the deck chairs on the Titanic?

The housing bill is nothing more than government's self-serving again, at your expense! 

I am furious about the bail outs!  Who's going to bail me out, or the other 5,000 stocktrading companies when the shit hits the fan?

Oh, and while we're add it, let's add some "free" public medical insurance. 

Can you say socialism?  FREEDOM IS NOT FREE!

Jul 28, 2008 06:37 AM
Gerri Weits, PA
Commercial Realty Team - North Palm Beach, FL

Oops!  I almost forgot - who would actually ADMIT they are a fan of GW Bush?

Jul 28, 2008 06:38 AM
Peter Mann
Keller Williams Realty - Bellevue, WA
Peter Mann Seattle-Bellevue Real Estate Agent

LOL!!! You are awesome Gerri! You could be my best friend and I just met you :-) You seem to say the exact same things that I think on a daily basis. Just becasue you and I are responsible enough NOT to need government assistance, why should we be the ones punished by this new bill. Maybe the rest of the country thinks differntly from you and I, but I was raised to believe that you punish those who DESERVE it.

BTW, I live in Bellevue(republican) Washington across the lake from Seattle(democratic). You would be AMAZED how many people I have PERSONALLY spoken to that still follow that idiot like he is a religion! So as hard as it may be to believe, there are plenty of GW fans out there. Although I went to the chiropractor the other day and in the parking lot was a very expensive looking Range Rover with a bumber sticker that read, "Republicans For Obama". Is that not scary or what?!?

GOD HELP US ALL!

Jul 28, 2008 06:48 AM
Gerri Weits, PA
Commercial Realty Team - North Palm Beach, FL

Peter -

Check our my new blog on the Freddie/Fannie bailout. 

VOTE FOR RON PAUL!!!

 

Jul 28, 2008 06:56 AM
Mike Gunn
Northstone Mortgage - Issaquah, WA

The feds are going to try and take over the world of home financing and as many of you have pointed out more goverment is not the answer if anything it will dig the hole deeper.  Today Lone Star bought $30 million dollars worth of mortgage notes for 22 cents on the dollar from Merrill Lynch - now that is capitalism at it's finest.  Merrill Lynch will survive and Lone Star will make a profit in the future - WITH OUT A BAIL OUT. 

Jul 29, 2008 10:58 AM
Peter Mann
Keller Williams Realty - Bellevue, WA
Peter Mann Seattle-Bellevue Real Estate Agent

Thanks for the comment Mike :-) That is crazy!!! $30 million worth of notes for .22 on the dollar?!? Are you kidding me?!? All I have to say about that is WOW... somebody was smiling after that deal closed :-) It was great speaking to you the other day buddy! Let me know if there is anything I can do for you!

BTW, don't you just love my blog background wall paper? SEA-TOWN REPRESENT!!!

Jul 29, 2008 11:08 AM
Rich Dansereau
Positive Real Estate Professionals - Knoxville, TN

I think that a real sense of leadership on financial issues has not been very apparent; I do understand that focus has been on Iraq and Afghanistan for a few years now. I think that W has really been feeling the pressure to do something about the situation. He may be leaving office, but he has a bunch of current and hoping to be future Republican lawmakers who surely have been in need of him to do something. This bill is not "one of my favorite things" but I do understand where he is coming from; I don't think it is from a position of strength. I just wrote a post on my fear of the socializing of the banking system. You might want to check it out; I know that hyper linking in comments is generally frowned upon, so you'll have to cut and paste if you want to check it out.

http://www.homescape.com/content/Blog:What_Socialized_Banking_Means_for_Homeowners

Jul 29, 2008 03:50 PM
Peter Mann
Keller Williams Realty - Bellevue, WA
Peter Mann Seattle-Bellevue Real Estate Agent

Thank you for your response Rich. Your opinion is greatly appreciate and I will definitely check out your post. I look forward to hearing more from you in the near future.

Jul 29, 2008 04:08 PM