Just What Housing Needs is Reduced Lending?

M Garrett November 2, 2012 at 04:26 am

What??? Do you want the housing market to fall out again. There are new regulations put in place (under President Obama and supported by many Republicans, Democrats, etc..). Thanks to the Bush administration deregulation and self serving rules allowed for the mess that occurred - which allowed lenders to just make up anything they wanted to close a loan (and greedy real estate agents by over estimating property values). Today, if you really qualify for a loan it is one you can afford AND at historically low rates. Also, since knowledge seems to be so lacking and bias home purchases have increased.

Robert Averack November 2, 2012 at 07:44 pm

Amen, Merry! I've read through Dodd-Frank, and I cannot imagine what Joe would be objecting to. Yes, he is a mortgage broker, and perhaps the additional regulations around sub-prime and well-qualified loans are cutting into his profits. But we have to look beyond our own self interests and see the larger picture! Financial industries account for more than 8% of the US GDP, along with providing the fuel for so many other industries - hence, its leverage is quite profound, and we were truly on the brink of a Black Tuesday! So if Joe doesn't see the necessity for massive reform (just as that inspired by FDR in the face of the Great Depression), then he's truly missing the point in the name of short-term interests.