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Bailout!

By
Real Estate Agent with The Real Estate Power Houses

Economic bailout:

In an attempt to combat financial catastrophe, the Bush administration on Friday laid out a radical bailout plan with a jaw-dropping price tag of a takeover of 700 billion dollars or more in worthless mortgages and other bad debt held by tottering institutions.  Several factors have contributed to our nation reaching this depression like low but I would like to discuss the actions and responsibilities of people in the mortgage and real-estate industry.

I feel that across the nation homeowners, loan officers and realtors have contributed to us reaching this catastrophic debt.  Home builders and developers have built new homes in almost every possible corner of the USA. 

Some efforts have been taken to closer regulate the loan industry but what else is needed?  What should happen to Realtors who knowingly assist perspective home buyers to purchase a home they know they can't afford?  What should happen to the loan brokerage that loaned the home buyer the money to buy the home that they could not currently afford or would not afford once the rate change? 

We can't expect the government to bailout every industry that runs itself into the ground when that industry has made significant profit from those illegal and immoral transactions.  These same industries will now go back and purchase some of the properties that the government now have rights to at a discounted rate and profit again.

 I look forward to hearing your take on this issue.

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