Now that we are in the middle the mess created by Wall Street greed, Washington stupidity and often careless behavior of home buyers, what’s going to happen now?
The first thing to know is that this is NOT the first time we as tax payers are dealing with this issue! When I first entered the real estate business in Tampa Florida nearly 19 years ago, my first real estate sales task was working on the last of the Resolution Trust foreclosure auctions. In case you are not aware, we tax payers already bailed out the savings and loan industry costing us BILLIONS! The result of creating policies of giving loans to irresponsible people created untold numbers of defaulted loans. At the time this was going on, the Federal Housing Administration and the Department Veteran Affairs was working through their problems too. Foreclosures were multiplying by the day because they were also suffering the consequences of literally giving loans to anyone who could fog a mirror. Back then the mortgage industry and the US government learned that if they make policies of giving money to people without expectation, people will meet those expectations, they will be irresponsible.
…giving money to people without expectation, people will meet those expectations, they will be irresponsible.
Back in the 1990’s the government decided that the mortgage industry wasn’t being inclusive enough. Instead of working harder at promoting the already in place government backed FHA loan system, they found a way to create a set of policies and guidelines guaranteed to fail just as they had just a few years before. The very corrupt Senators and House members who were looking to capitalize the most were placed in charge of overseeing those programs. See for yourself how and listen to the very words of the people responsible for allot of this crisis: http://www.youtube.com/watch?v=_MGT_cSi7Rs&eurl Not convinced yet? watch this: http://www.youtube.com/watch?v=_MGT_cSi7Rs&eurl Still not convinced? http://video.on.nytimes.com/?fr_story=94999294f6448434d83b84947cf775cfb21c8b5b ANGRY YET? The very people you saw in those cute little video’s received massive campaign contributions from the very people who were in charge of overseeing them to protect you and me. Now half of America is about to vote for someone who thinks it’s just fine to allow these people to continue this behavior. The heads of the failed institutions (freddie mac & fannie mae) who made millions in fraudulant bonuses, are now economic advisers for his campaign. Am I full of it? Watch this: http://www.foxnews.com/video-search/m/21061424/my_word_9_30.htm?pageid=27068 Sadly, the very home buyers who supposedly were to gain the most by these policies ended up defaulting on mortgages at a rate never being seen before! Now many of these same people are going to try to put in the white house a person who thinks it’s OK to allow the very people who benefited the most by this corruption to correct the problem! Are we really that stupid?
In the end, the ”real” smart home buyers will gain the most by taking advantage of everyone else’s mistakes.
What’s the future? First, the people who have been responsible and have paid their bills, mortgages and obligations will be forced to pay for the behavior of those who chose not to be responsible. Catch your breath, yes, there are examples of victims who were taken advantage of but the reality is that grown adults who were often highly educated gambled hoping to score big and lost. If sanity is restored and a qualified person is put in the White house, the banking crisis will be bailed out at a massive cost to those who did nothing wrong and intelligent lending restrictions will be restored. Once again, people will be required to show that they are responsible before they will be able to get a loan. Housing inventories will be bought up at bargain prices by all those SOB’s who were smart enough to have not gotten caught up in the wall street hype of a couple of years ago. In the end, the ”real” smart home buyers will gain the most by taking advantage of everyone else’s mistakes.
One last thought, Are you going to vote to keep these criminals in power or will you work to see that they are held accountable for taking your money and quite possibly you children’s money too?
Jeff Daniels is a full time Licensed Realtor working in the Tampa bay area for over 18 years. Visit www.TampaFloridaHomeFinder.com or call him at Keller Williams Realty at 813-684-9500 ext 237 for everything you need to make Florida home.
