Hello All:
Get this, President Obama is thinking of stopping all foreclosures (except for investors of course)! What will happen is a government organization will tell the banks and mortgage companies when and if they can foreclose!!!! Does this make sense? Not only will this give the government another slice of power over the free market system, but it will cripple the housing market. The bigger question is who will pay for this? Banks and mortgage companies will close in record numbers; they will not be able to balance non performing properties.
So what is the answer? Unfortunately, we have to allow the market to correct itself! That means foreclosing on those who can not benefit from loan modifications, and assisting them into the rental market.
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Until next time - be well.
James Gage
