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 :-)