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So where does the housing market go from here?
I have been reading, hearing and living the real estate market collapse for the past two years and to be totally honest I am sick of it. Did the housing market need a correction? Yes, it did. Do we need to tighten lending standards and make the process more efficient and loan only to those person who are able to “really” qualify for a mortgage? Without a doubt.
However, in the past couple of months, more and more reports are surfacing that the banks that were bailed out of the mortgage mess are hoarding the Fedreal Bailout money they received and are severely tightening the money they loan if they do at all. Personally I am tired of it. The bailout as it was proposed was an overall good idea I think but what has happened is ridiculous. No oversight has taken place and this $ has gone to bonuses, “rainy day” funds and into the coffers of those that really do not need it.
There are so many families I know that are looking to sell or buy homes and they cannot becuase of this crisis and they are not at fault but caught in this web of poor lending practices and the repercussions.
Get moving banks and start lending money. If you do that the media will start to focus on something else and allow the market to correct so we can get this economy moving forward again.
Got that off my chest. Now I need to go….
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