Real Estate Market Problems Solved
The answer to the problem is not to bail out people who commited fraud. This is my answer:
1) Allow everyone in the country to refinance an existing mortgage at 4%. This would put an enormous amount of cash in everyone's hands.
2) Only those who filed an honest financial statement when they originally applied for thier mortgage would qualify.
3) Push out amortizations to 40 years for those that are underwater.
For god's sake, don't allow judges to redo contracts. If this happens, every honest mortgage applicant in the future will pay a "redo" premium. San Diego real estate market
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So where can I get a cheap house?
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Stupid idiots in houses they couldn’t afford in the first place. No sympathy. Tough shit.
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If you had bought a house 8 yrs ago, it’ll be worth a lot more today than what you would have paid for despite the housing mess. IMO, you lost out by not buying in 2000. But if you couldn’t afford year 2000 prices, then that’s a different story…
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To all the prudent homebuyers of the world: those who are not underwater on their loans, those who have no mortgage, and all the renters, DO NOT ACQUIESCE TO THIS WITHOUT PROTEST! Your money is about to be taken to bail out those who foolishly purchased housing using option-ARMS, no-doc loans, ridiculous teaser rates, and what-not. The people making these decisions are your elected representatives. Make sure you send them a message: fire these traitors in the next election.
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