You know what I mean...

Post #332,085 by Another Scott 8/31/10 11:46:13 AM Reply	You know what I mean... http://www.calculate...-august-28th.html There's a huge demand for help with housing costs - no doubt. But home sales, and new household formation, is very weak. There's a huge shadow inventory waiting to come on the market when the market eventually picks up that will keep prices low or falling. There's no easy way out of this mess; muddling through is going to hurt a lot of people for a long time. Cheers, Scott.
Post #332,091 by boxley 8/31/10 1:28:00 PM Reply	take the inventory of fannie and freddie lottery those empty houses everyone with a social gets a chance. Get those homes off the market and it will help a lot. Any opinions expressed by me are mine alone, posted from my home computer, on my own time as a free American and do not reflect the opinions of any person or company that I have had professional relations with in the past 55 years. meep
Post #332,093 by Another Scott 8/31/10 1:47:24 PM Reply	Depends on how it's done. While F&F have a huge part of the mortgage market now, and lots of foreclosures - http://www.calculate...tory-doubles.html - there's a lot of the market that isn't mortgaged. And a lot of it that isn't in trouble at the moment. You don't want to get in a situation where you destroy the rest of the market. Auctions that reduce values of comparable houses by, say, 30% won't make you happy with voters who are presently above water. Why continue to pay on your mortgage if you can get the same house for 30% less? I think the best way to handle this is probably through bankruptcy. But the Senate killed the ability of a bankruptcy court to modify mortgages on primary residences (aka "cramdown" that was possible until sometime in the 1980s, IIRC). Alternatively, maybe the IRS could somehow make it easier to write off huge losses on single-family, owner-occupied homes such that people could bite the bullet without being completely wiped out. I dunno. There must be some way to make a dent in this problem other than waiting it out... Cheers, Scott.
Post #332,094 by SpiceWare 8/31/10 2:22:20 PM Reply	Re: Depends on how it's done. Apparently the mortgage companies are changing their stance, they were anti-cramdown back in 2008 but BofA and Citi are in support of it now. http://www.huffingto...-fr_n_536283.html
Post #332,096 by Another Scott 8/31/10 2:36:18 PM Reply	Interesting. Thanks.
Post #332,100 by drook 8/31/10 3:46:02 PM Reply	"As we've gone through the lessons that we've learned ..." In other words: "When we pushed to get mortgages excluded from bankruptcy, people said that we'd end up foreclosing -- which we don't want -- and financially destroying our customers at the same time. "But we were looking about multi-million dollar bonuses that depended on us not believing that. Somehow, we managed to not believe it. Funny, that. "Now that we've squeezed as much blood out of that stone as we can, we find it's in our current interest to now believe what those people said." And in a real quote, Rep. Brad Miller, responding to a Wells Fargo rep saying there are other alternatives: "We're trying to do other alternatives now, and have been for three years, and without much to show for it." Give that man a prize. -- Drew
Post #332,099 by boxley 8/31/10 3:02:52 PM Reply	thats why lottery, no money involved create a new class of propertied people, many of which would sell them immediately. Frenzy bad prices but all of it in private hands again in at most 2 years. Any opinions expressed by me are mine alone, posted from my home computer, on my own time as a free American and do not reflect the opinions of any person or company that I have had professional relations with in the past 55 years. meep

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