The clowns in govt ALLOWED the housing bubble to inflate because it was good for the economy, by ALLOWING 100% financing to people who lied about their income & assets. I am yet to hear anyone from the govt convey this.
It’s THAT simple. GREED.
Greenspan and low interest rates werent the problem. It was lack of a down payment.
Millions has been spent talking about what caused the bubble, and ignorant people keep saying that “nobody” saw it coming.
Requiring at least a 10% down payment, millions would have never been able to “buy” a house and prices would have never been pushed up.
Rates are low today and millions cannot qualify for one reason or another. FHA is the new sucker’s loan and the next subprime (without a prepay penalty)
If you don’t abuse a child, then you don’t need regulations against child abuse.
If you don’t drive drunk, you don’t need regulations against driving drunk.
If you aren’t ignorant or greedy then you don’t need twisted govt regulations against being ignorant or greedy.
The regulations to “protect” consumers are a govt attempt to avoid admitting what the real problem was/is…perhaps they don’t even understand.
Appraisal regulations and disclosure regulations are not going to fix the stupidity and greed of millions of people.
I never said that ARMS or prepay penalties were a good thing…
I explain options to people in words that they can understand, but now I have to be regulated by APOR on the week that a loan is locked and other mumbo jumbo.
If the govt is creating all this regulation to protect consumers, who is going to protect people from the govt ???
You cannot regulate that people be protected from themselves. You cannot regulate stupidity, ignorance and greed however the govt is trying by saying they know what is good for people, and it’s more regulations as the mumbo jumbo in the post above… Do you feel safer with these regulations in place ??… HLS
