Quote:
Originally posted by mzsmbs
Housing, what a joke there. You can build all the homes you want but when you have historically highest forclosures the reality is that there are lots and lots of brand new empties sitting around everywhere. Banks are being really greedy here and want the full market value or more. Some of that is because people have financed way more then market value of their homes. So the cycle continues...
|
ain't that the truth, I would like to elaborate in detail but due to privacy concerns I can't but I know of a family that purchased a 500K home ( the median around here is 150K) and could not afford the moving costs and needed them built in to the mortgage.
a real estate collapse could do more than 10 9-11s back to back. Fannie Mae and Freddie Mac are holding onto 4 TRILLION in paper. Our economy is only a scandal away from being ruined. I know that the manty of the gaps are covered by PMI, but since when does PMI pay and the PMI companies don't have a pot to piss in to begin with.
Personally I think the economy is great, but these risky RE lending practices have to be reformed asap.