Do these people have a clue?
Are they trying to destroy the market?
Is there nothing that the government thinks that they can not fix?
(No, this is not an old Batman sitcom introduction, I am being dead serious.)
The Obama administration is looking to stop all foreclosures until they go through a review by the Home Affordable Modification Program. That is right, he is willing to destroy the mortgage market to protect a few and employee thousands of bureaucrats.
Guys, government is not always the answer. The markets need to find a footing, not be forever beholden to some faceless bureaucrat. I am dead serious here.
There is a cost everytime the government gets involved. If the housing market does not know the rules it can not correct. It will be stuck until investors and homebuyers have some confidence. All velocity will cease, as we see now with the lowest new home sales in 50 years this January.
Foreclosures are part of the fix. Sure it is a painful fix, but it is a necessary one. The markets need a foundation.
Our present governmental officials think they are the foundation.
They are sadly mistaken.
The proposal, reviewed by lenders last week on a White House conference call, “prohibits referral to foreclosure until borrower is evaluated and found ineligible for HAMP or reasonable contact efforts have failed,” according to a Treasury Department document outlining the plan.
“It is one of the many ideas under consideration in the administration’s ongoing housing stabilization efforts,” Treasury spokeswoman Meg Reilly said in an e-mail. “This proposal has not been approved and there are no immediate planned announcements on the issue.”
She confirmed the authenticity of the document, which hasn’t been made public. via Bloomberg.com.
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Obama Looks To Stop ALL Foreclosures Without Government Review
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- The Real Estate Bloggers. where it was originally published.
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