Lawmakers, housing industry leaders, and policy strategists explore solutions on REALTOR® TV to our current housing market problems. Senator Johnny Isakson states that he feels the correction will take seven to ten years. Ron Phipps, National Association of Realtors President declares that the objective in the cure should "do not harm" and that in time the problem will resolve itself. No new appraisal re-financings and other creative ideas are presented.
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Everything that these t**d polishers put forth is just the same song second verse. The mass refi, principal reductions, blah, blah, blah won't work. There is no mechanism in place to pull off these schemes. The truth is we don't have the capacity or the brain power to pull off the "ideas" that get tossed around.
Here's the Real Blood on the floor deal; the TBTF's pushed off Trillions of $$$ of JUNK MBS on the fed (tax payer). 99.9% of this puke was securitized. Problem is, the TBTF's DIDN'T own the MBS that were sold the fed. The MBS were sold to investors by the TBTF's and no one bothered to ask them if it was OK.
Kathleen, I've given a great deal of thought and number crunching regarding a "fix". My conclusion is there is no fix, just reset. We (taxpayer) were robbed by low-lifes in Armani Suits.
It didn't appear that there were any proposals to improve the housing market, and that is the key to moving forward. Collectively, the word seems to be that we will solve the crisis by supporting housing immobility and effectively writing off a generation of home owners. What really irritates me is that those guys are all getting paid for their non-performance, and some are getting paid directly by REALTORS.