Actually SDR, you and I are both saying similar things, but I don’t view ‘Government’ as the problem, and getting rid of government isn’t a real-world answer, it’s a political slogan. Remember, gutting regulation is part of what enabled the financial crisis to happen.
[quote=SD Realtor]Strict enforcement of tracking downpayment money for seasoning, along with a hard line that you can never borrow more then a given equity amout through seconds and such will also serve to prevent the home from becoming an ATM.[/quote]
Damn, I couldn’t agree more.
Now, how do we get all the bankers in the world to do the right thing? Because corporations don’t regulate themselves. They maximize profits. And that’s often across purposes with ‘doing the right thing’.
The answer is Government, which passes laws and regulates the behavior of private corporations and banks. Absent ‘Government’, your 20% down payment doesn’t happen. Lack of government involvement in regulating the financial industry is part of what enabled the financial crisis.
This is my point. ‘Government’ is not bad. It’s the people in our current government who sold out to corporate America and gutted conservative and time-tested Depression-era banking regulations. The answer is to get involved and change out the people who made these stupid decisions.
For my part, I think fundamental change requires reducing the role money and fundraising plays in our political process.
