Reality of Real Estate Novel Idea? Part 17 Merrimack JOurnal January 2008
Dr. Anthony G Ziagos, Sr.
I had a conversation recently with another real estate professional and I began to think about what we were discussing. I called a few mortgage lenders and asked their opinion of our conversation. I then called a few real estate appraisers and asked for their opinion. We all arrived at the same conclusion. Our consensus would provide a real solution to avoid a reoccurred of the sub-prime mortgage dilemma. Only lend money to qualified buyers. AMAZING !!!
With just a few telephone calls and a moderate amount of discussion we could save the world!! It is my understanding that most local lenders always had funds available for qualified borrowers and still do. We have also learned that part of the problem might have occurred due to wall street investors willing to risk funds into a high yield,high risk lending pool that did not work out the way the wanted it to. Upon further investigation we have learned borrowers who could not afford to buy property were given mortgages that would "adjust" and neither the lenders or the borrowers paid attention to the disclaimers or the potential for problems disclosed in the mortgage instruments. Is it also possible someone was not totally honest when they filled out the paper work? <look of horror on the writers face>. Oh my !!
Thousands of hard working families will continue to work hard and sacrifice to keep their payments current. Some honest hard working people will be hurt by the economic downturn, as they are in every economic cycle. It is truly unfortunate that people are in this situation. It is our opinion, however, that neither the government nor the tax payers should bail out an investor or a borrower due to their lack of good judgment. ©2008 Middlesex Media Exchange/ All Rights Reserved
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