Today the Congress agreed to spend billions of our tax dollars for us on programs that they deem necessary for our economic survival. (http://www.cnbc.com//id/29137238)
And in the meanwhile, the housing market is waiting to be addressed. And I don't mean just throwing some kind of lame program at it (IE: FHA Secure, Hope for Homeowners, etc..), I'm talking about something that will make a huge difference in home values and allow people to go back to normal everyday home business.
You know. Things like being able to sell a house or perhaps being able to refinance to get out of a high adjustable interest rate. Most people don't want help or money. They just want to be able to make wise choices when it come to their homes. Why does foreclosure have to be a business decision?
Believe me, I'm not knocking the current stimulus plan. I hope it works. I hope it creates jobs and loans and whatever else it supposed to do. I certainly am not an economics expert. But I do know one thing.
This mess started with the housing market and that's where we need to stop it. Passing this current package is like taking a shot with a basketball and then not knowing if you made the bucket for 6 to 12 months. We need help now.
I heard someone say on TV that with all the money we are spending on stimulus, we could pay off 90% of the existing mortgages that are out there. Can you imagine? Banks would get a whole bunch of money they could reinvest, homeowners would have more money to spend at the end of the month, home values would rise because of the halting of foreclosures and the demand for homes would be higher.
Too simple, huh? A mortgage guy can dream can't he?
I'm still waiting for a housing package that starts to put the brakes on this housing crisis.
Because if you don't kill the root, you'll still have to pull the weed.
If you have any comments on this article, I would love to hear what you have to say!
Feel free to comment below.Thanks for reading!
Dan Tenchall
Great Lakes Mortgage Funding
For FREE Mortgage tips, Mortgage Calculators,must have articles and much more please visit my website!
Michigan Mortgage Rates
(586) 532-0600
dan@glmf.com
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