[quote=SD Realtor]FLU solved the problem in his very first line…
“How about just giving even more cheap credit to well qualified borrowers? We’ll clean up this mess by buying…”
Plain and simple.
If there were no loan mods, and all of the foreclosures could have happened in a normal manner, and cheap credit would have been available to those who were REALLY QUALIFIED then we would:
— Have a much healthier market.
— Seen all that distressed inventory get absorbed
— Let the housing market operate more freely.
— Rewarded those who have saved money and been prudent with fantastic real estate opportunities.
— Formed a much more solid foundation for the entire housing market.
This would have been a back to the basics policy where owning a home was not considered an entitlement but rather a reward that was earned.[/quote]
But oh no. that won’t happen. That would be too “elitist”. That would make rich people richer and poor people poorer. That wouldn’t be “fair”. So we should give out good money to people with bad credit, since people with good credit can fend for themselves. By golly, everyone should be entitled to driving a new car. Everyone deserves to “own” a home..And when people get behind in payments…That’s ok. We’ll just re-modify the contracts…Because we can…Because if you can earn/save a dollar, you shouldn’t need help from the government. But if you can’t manage/save a dollar, we (the government) will give you one anyway…So that it’s “fair”….
Sincerely,
The Government of the new United Socialist of America.
