I read today that our illustrious leaders in Washington are tossing around the idea of another economic stimulus package or rather more of a debt burden for us and our children. Am I the only one who sees this as a bad idea? Or am I just missing the point altogether like I did with the 700(plus) billion dollar bailout that I opposed, but that has worked so magnificently to fix our financial woes.
It is reported that 1/3 of all homes on the market in the next few months will be foreclosed or bank owned properties. Now mind you, the number will be higher in some parts of the country such as California, Nevada and Florida and less in others - but still.
Also, I read an interesting article about Credit Unions and how they are running out of money - not because they are failing - because the demand on their loan packages, both auto and mortgage has went through the roof! Why is this? Simple - they practiced SAFE LENDING PRACTICES and dabbled very little in the sub prime market. Some call this 'Old School' I call it smart business and it is paying off.
So, do we really need another economic stimulus package? Do we need to throw more money into a burning pit? Oh, and where are we getting this money?
Enough is enough - we need to support more businesses out there that have done the right thing instead of giving money to those who obviously have a proven track record that they could not be trusted.
I said in a previous blog that I would have much rather seen the mortgage rates dropped to an incredibly low rate for a 120 day period of time to allow hard working Americans the ability to either refinance existing homes or to buy a new home that they otherwise would not have considered or simply could not afford at the current rates. Some said this would only lead to the devaluation of the dollar. While this could be true, it still makes sense to me as it would have sparked many areas in the housing market. Besides, what did 700(plus) billion do for us again?
It is time for those responsible to be held accountable and that includes those charged with overseeing the financial markets whether they be Republican, Democrat or Independent. This will not happen unless Americans come together and demand accountability.
It is time for the government to allow the free market to take care of its own - quit giving hand outs to those who gambled, because if you give to one, you have got to be prepared to give to all.
Lastly, as I was watching a spot on CNN tonight, they had a mortgage professional on and he was talking about how to prolong the foreclosure process. Ask for a payment history - stated this could extent the period for a month to years depending on how many times the loan was sold. He went on to say that homeowners should be persistent and work with their mortgage companies. He stated that many times the mortgage companies would work with the homeowner and REDUCE THE INTEREST RATE so that the owner could continue the American dream. I don't know if his claims are true, but you can bet that if I was in a situation such as many out there, I would certainly be trying them.
Okay, I got that off my chest - rant over.
Regards
Tim and Pam Cash
Crye-Leike Realtors
931-338-1375 or 931-436-7617
The Cash Team - Making dreams come true one home at a time. Proudly serving the citizens of Clarksville and the Soldiers of Fort Campbell. To view available Clarksville properties, please visit our website at www.cashsofclarksville.com or email us at thecashteam@cashsofclarksville.comand we will run a custom search for you. Finding you and yours the perfect property in Clarksville Tennessee and surrounding areas is our goal.
