Refinance Bill Drastically Alters Market

[Anonymous]

[quote=ucodegen][quote pri_dk]Or did you start this thread […][/quote]
How does the flippant remark […] equate to a partisan jab?[/quote]

Try reading more carefully. Read the article also. You’ll notice a (D) next to the congressman’s name. But I’m sure that had nothing to do with the OP’s decision to start a thread about a “retarded” politician…

I agree with the rest of your post…or used to, anyway. The problem with many of these points are that they are based upon abstract notions and not a practical course of action. It’s too late to fret about moral hazard. We have to act. Moral hazard won’t be a problem moving forward anyway, because lenders are now going to be very careful with their funds for very long time.

Another problem with the general “let the market settle where it may” approach is that it ignores transaction costs. Sure, we can let all these homes sit vacant, move slowly through the courts over many years, sell them at auction to investors and eventually have the same people back in them as renters. That would be the textbook “market” approach, but it carries a lot of deadweight loss – $trillions in assets sit idle and lots of money goes to middlemen who create no real value. Transaction costs in real estate are huge, and even bigger when they involve a legal process like foreclosure.

[CA renter]

There is no excuse for homes sitting empty. A home should be empty for no more than 90 days.

The foreclosure process can be made much more efficient. We need a public auction system where all the bidders are pre-qualified through one of the GSEs and each person/entity is assigned a bidder ID number. All transactions/entities should be tracked and audited periodically for irregularities. There should be open bids where the bid amounts, terms, and ID number of the bidder is visible to all other bidders. Mimimum 14-40 day listings on the govt-run site, and highest and best bid wins.

No middlemen, no fraud (it would be fully transparent, with HUGE penalties for anyone caught trying to scam the system), and regular end-users would be on the same footing as flippers/speculators.

[CA renter]

There is no excuse for homes sitting empty. A home should be empty for no more than 90 days.

The foreclosure process can be made much more efficient. We need a public auction system where all the bidders are pre-qualified through one of the GSEs and each person/entity is assigned a bidder ID number. All transactions/entities should be tracked and audited periodically for irregularities. There should be open bids where the bid amounts, terms, and ID number of the bidder is visible to all other bidders. Mimimum 14-40 day listings on the govt-run site, and highest and best bid wins.

No middlemen, no fraud (it would be fully transparent, with HUGE penalties for anyone caught trying to scam the system), and regular end-users would be on the same footing as flippers/speculators.

[CA renter]

There is no excuse for homes sitting empty. A home should be empty for no more than 90 days.

The foreclosure process can be made much more efficient. We need a public auction system where all the bidders are pre-qualified through one of the GSEs and each person/entity is assigned a bidder ID number. All transactions/entities should be tracked and audited periodically for irregularities. There should be open bids where the bid amounts, terms, and ID number of the bidder is visible to all other bidders. Mimimum 14-40 day listings on the govt-run site, and highest and best bid wins.

No middlemen, no fraud (it would be fully transparent, with HUGE penalties for anyone caught trying to scam the system), and regular end-users would be on the same footing as flippers/speculators.

[CA renter]

There is no excuse for homes sitting empty. A home should be empty for no more than 90 days.

The foreclosure process can be made much more efficient. We need a public auction system where all the bidders are pre-qualified through one of the GSEs and each person/entity is assigned a bidder ID number. All transactions/entities should be tracked and audited periodically for irregularities. There should be open bids where the bid amounts, terms, and ID number of the bidder is visible to all other bidders. Mimimum 14-40 day listings on the govt-run site, and highest and best bid wins.

No middlemen, no fraud (it would be fully transparent, with HUGE penalties for anyone caught trying to scam the system), and regular end-users would be on the same footing as flippers/speculators.

[CA renter]

There is no excuse for homes sitting empty. A home should be empty for no more than 90 days.

The foreclosure process can be made much more efficient. We need a public auction system where all the bidders are pre-qualified through one of the GSEs and each person/entity is assigned a bidder ID number. All transactions/entities should be tracked and audited periodically for irregularities. There should be open bids where the bid amounts, terms, and ID number of the bidder is visible to all other bidders. Mimimum 14-40 day listings on the govt-run site, and highest and best bid wins.

No middlemen, no fraud (it would be fully transparent, with HUGE penalties for anyone caught trying to scam the system), and regular end-users would be on the same footing as flippers/speculators.

[sd_matt]

My realtor told me that the big four banks have stopped putting any more inventory on the market. How long for..I don’t know.

[sd_matt]

My realtor told me that the big four banks have stopped putting any more inventory on the market. How long for..I don’t know.

[sd_matt]

My realtor told me that the big four banks have stopped putting any more inventory on the market. How long for..I don’t know.

[sd_matt]

My realtor told me that the big four banks have stopped putting any more inventory on the market. How long for..I don’t know.

[sd_matt]

My realtor told me that the big four banks have stopped putting any more inventory on the market. How long for..I don’t know.

[CA renter]

[quote=sd_matt]My realtor told me that the big four banks have stopped putting any more inventory on the market. How long for..I don’t know.[/quote]

Interesting…I also heard that one of the biggest banks has gotten some sort of authorization to hold inventory off the market for five years. They aren’t even going to rent them out, apparently. They are going to board them up and maintain them for five years.

Anyone else hearing these types of rumors?

[CA renter]

[quote=sd_matt]My realtor told me that the big four banks have stopped putting any more inventory on the market. How long for..I don’t know.[/quote]

Interesting…I also heard that one of the biggest banks has gotten some sort of authorization to hold inventory off the market for five years. They aren’t even going to rent them out, apparently. They are going to board them up and maintain them for five years.

Anyone else hearing these types of rumors?

[CA renter]

[quote=sd_matt]My realtor told me that the big four banks have stopped putting any more inventory on the market. How long for..I don’t know.[/quote]

Interesting…I also heard that one of the biggest banks has gotten some sort of authorization to hold inventory off the market for five years. They aren’t even going to rent them out, apparently. They are going to board them up and maintain them for five years.

Anyone else hearing these types of rumors?

[CA renter]

[quote=sd_matt]My realtor told me that the big four banks have stopped putting any more inventory on the market. How long for..I don’t know.[/quote]

Interesting…I also heard that one of the biggest banks has gotten some sort of authorization to hold inventory off the market for five years. They aren’t even going to rent them out, apparently. They are going to board them up and maintain them for five years.

Anyone else hearing these types of rumors?

[Author]

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