John Vogel on Foreclosures – 2 millions foreclosures

[patientlywaiting]

My summary:

Vogel seems to be pretty forgiving of the specuvestors.

1) People wanted the best for their children.
2) People trying for the middle class lifestyle.
3) People want safe neighborhoods for their kids.
4) Medical expenses.

Solutions:
1) let the market correct, or
2) Vogel’s solution
a) Share the pain.
b) Like the S&L bail-out
c) Pool of 3% mortgage w/ write down to 80% of new value (new assessment required). Homeowners have to give up appreciation if they participate in the program.
d) No prepayment penalties, fees, etc.. No taxes on written off amounts.
c) Socialized housing. 2 million new units of appreciation-restricted housing.

Q&A segment:
1) 2008 will get worse. Many years to recover if markets deteriorate.
2) Even wealthy area are affected.
3) Politicians are not addressing the problems as they should.
4) Government can administer the program.
5) Bailed out houses could never be sold for more than the assessed value when entering the program. 1/2 way between rental and ownership.

He sounds like a French Socialist to me. Expand HUD.

Problems I see:
a) New frauds with new assessments as people want the best deals.
b) Where is the money coming from?
c) 2 million house will be “tagged” as undesirables.

http://www.houseblogger.com/real_estate_blog_director/2008/01/2-million-forec.html

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[patientlywaiting]

Another interview with John Vogel:

http://www.wellcomemat.com/video/FE98914748#wrapper

He makes it sound like the right thing to do do is help the 2 million homeowners facing foreclosures. I don’t think that, in his ivory tower, he sees the speculation that was rampant.

*

I’m personally against this bailout program. I believe it would be better to give 3% loans to poor students so they can go to college.

[patientlywaiting]

Another interview with John Vogel:

http://www.wellcomemat.com/video/FE98914748#wrapper

He makes it sound like the right thing to do do is help the 2 million homeowners facing foreclosures. I don’t think that, in his ivory tower, he sees the speculation that was rampant.

*

I’m personally against this bailout program. I believe it would be better to give 3% loans to poor students so they can go to college.

[patientlywaiting]

Another interview with John Vogel:

http://www.wellcomemat.com/video/FE98914748#wrapper

He makes it sound like the right thing to do do is help the 2 million homeowners facing foreclosures. I don’t think that, in his ivory tower, he sees the speculation that was rampant.

*

I’m personally against this bailout program. I believe it would be better to give 3% loans to poor students so they can go to college.

[patientlywaiting]

Another interview with John Vogel:

http://www.wellcomemat.com/video/FE98914748#wrapper

He makes it sound like the right thing to do do is help the 2 million homeowners facing foreclosures. I don’t think that, in his ivory tower, he sees the speculation that was rampant.

*

I’m personally against this bailout program. I believe it would be better to give 3% loans to poor students so they can go to college.

[patientlywaiting]

Another interview with John Vogel:

http://www.wellcomemat.com/video/FE98914748#wrapper

He makes it sound like the right thing to do do is help the 2 million homeowners facing foreclosures. I don’t think that, in his ivory tower, he sees the speculation that was rampant.

*

I’m personally against this bailout program. I believe it would be better to give 3% loans to poor students so they can go to college.

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