I have been asking people over the past several days how it feels to be part of an investment group? I get some pretty funny looks but when I ask them if they pay taxes they begin to see the point. If you pay taxes, and let's face it all of us here who are just trying to make a living do, then you are part of a VERY large investment group that now owns a majority interest in AIG and is about to invest $700 billion into a very large mortgage pool. So what do you think of our investments? Surely you had plenty of time to consider it before our Investment Group jumped in, right?
When I can't think of anything nice to say about someone or something my normal description is that they/it is interesting. This whole situation is....interesting. It goes well beyond anything any of us have experienced in our lifetimes. It also goes well beyond just our section of the world in real estate, mortgages, building, etc. The veins of this beating heart stretch out all around the globe in ways I don't think even the most astute economist can say for sure. Each day and week seem to bring more....interesting....news for us to digest. I think anyone telling you fo sure where it will end and how is a bit naive.
One thing I do know is that we are resiliant. We went through the Savings and Loan debacle with the government sticking in the RTC and survived just fine. We have gone through downturns and problems before and have come through them in an evolution sort of way. For some time I have felt like we were trudging through things in mud. Slowly and without much progress. At least at this point I see things moving quickly, going through the evolution of what is there, and the overall situation forcing actions to be taken. I think to some extent everyone has been kind of waiting for the next shoe to drop and right now Imelda Marcos closet is falling. But in many ways that is a good thing. To get through to the other side we first have to hit the wall where the doors are. Hopefully we choose the right door to open to get to the other side, but one way or the other we have to choose one.
I said some time ago that the whole landscape of real estate, building, mortgages, etc. was changing. I believe that more than ever now. In some cases we are going back to the future, FHA loans, government down payment assistance programs, conventional loans with down payments, homebuyer education and counseling, proving what is said on an application. Given where we are at now all of that is probably not a bad thing for our future. Those that prepare, get informed and stay that way, make plans and stay ahead of the curve will prosper. Be positive. I am. I am already working on being sure I am ahead of the curve. I have my down payment options in place, and am continuing to explore others. I am, and always have been, very up on FHA, and always am sure I am constantly working to stay up to date on other loan programs. I am, and always have been, very creative in seeing how to make things work.
It is an.....interesting....time in which we live. Surely history is being made, the world will change as we have known it as we get through this time. But we will get through it. I am positive that much good will come from this, that one day we who survive will look back on it and say "remember when....".
Let's all watch our investments and try to be sure that they they turn out to be solid ones for our future! I would welcome your opinions and insights on this.