So during the last real estate crash, lenders became landlords? Were mortgages sold on the secondary market back then? I wonder if some of the mortgage holders today could become landlords if they wanted to. Take a pension fund that holds some MBSs for example, are they allowed to hold rental property? Would they even want to?
I also wouldn’t read too much into HLS’s statements. The tightening of the mortgage market has just begun. Sure some people can still get loans. But, there’s fewer people that can get loans this month than there were last month and there will be even fewer people who can get loans next month. The bubble took time to expand and it will take time to deflate. The stock market bubble of 2000 didn’t fully deflate until 2003, and we all know stocks are much more liquid than homes.
I don’t think we’re going to see a political bailout either. It does not appear that Bush is going to raise Freddie’s and Fannie’s conforming limits. So the Congress can pass all the bills they want, but if Bush won’t sign them, the limits won’t be raised.
Breeze at least Bush will have done one thing right…(yes I voted for him… gack..) However if I were a betting man… and I have been known to place some sports wagers every now and then… I would bet that Hil or Obama would not blink to change that law. Fall of 08 is not to far away and that should be when things reall are crashing.
Agreed with your premise though that we should not be getting to worked up about all this considering the source.
Breeze at least Bush will have done one thing right…(yes I voted for him… gack..) However if I were a betting man… and I have been known to place some sports wagers every now and then… I would bet that Hil or Obama would not blink to change that law. Fall of 08 is not to far away and that should be when things reall are crashing.
Agreed with your premise though that we should not be getting to worked up about all this considering the source.
Breeze at least Bush will have done one thing right…(yes I voted for him… gack..) However if I were a betting man… and I have been known to place some sports wagers every now and then… I would bet that Hil or Obama would not blink to change that law. Fall of 08 is not to far away and that should be when things reall are crashing.
Agreed with your premise though that we should not be getting to worked up about all this considering the source.
Just to clarify, my use of the term "political" is to mean as public policy, not so much Bush/Hillary/Obama angle. I am wondering what may be the public policy response to simultaneous existence of millions of former home owners who may not be creditworthy to be renters and millions of empty homes. And to state the obvious, former home owners will be angry and bitter voters while empty homes can't vote!
Just to clarify, my use of the term "political" is to mean as public policy, not so much Bush/Hillary/Obama angle. I am wondering what may be the public policy response to simultaneous existence of millions of former home owners who may not be creditworthy to be renters and millions of empty homes. And to state the obvious, former home owners will be angry and bitter voters while empty homes can't vote!
Just to clarify, my use of the term "political" is to mean as public policy, not so much Bush/Hillary/Obama angle. I am wondering what may be the public policy response to simultaneous existence of millions of former home owners who may not be creditworthy to be renters and millions of empty homes. And to state the obvious, former home owners will be angry and bitter voters while empty homes can't vote!
Rents should be variable, just like credit cards…$2,000 until the first time you are late, after which, the monthly rate goes up to $3,000 for the life of the term;)
Rents should be variable, just like credit cards…$2,000 until the first time you are late, after which, the monthly rate goes up to $3,000 for the life of the term;)
Rents should be variable, just like credit cards…$2,000 until the first time you are late, after which, the monthly rate goes up to $3,000 for the life of the term;)
