The end of the Housing Foreclosure Bubble is in sight!
Well, maybe I'm being optimistic, but I don't think I'm being foolish. I wish I could say the fundamentals of the economy are strong, but they are not. However, with government intervention, and a big return to a possibility of restoring some confidence in the housing market, all the low hanging fruit will be gone, and then people will not price their home on a 50% drop (for example) in the price of houses throuighout an entire community...
I wish the government would take further action. President Obama said the relief was for those who played by the rules. What I would like to see--and have been calling, begging and shouting for-- is stricter enforcement of the rules as they were. For example, speculators who committed fraud and did 100% financing on homes they were hoping to flip and then got caught holding the bag, a declining asset. These people who lied about their income, and whether the loan would be for owner-occupied or Non-Owner-occupied, and who got 100% financing, when they new the bank would not give them 100% financing on N/O/O loans should be thrown in jail. They thought they were so clever, so smart, and nobody else thought about doing this. Well, yes we did, we just didn't because we knew it was fraud.
I mean throw those people in jail, throw away the key and put their kids in foster homes. In jail, they'd have a roof over their head and wouldn't have to worry about money. Those stupid idiots know nothing about economics, financing, or responsibility. While we are at it, we should sterilize them so they cannot create a new generation of IDIOTS.
Further, for those licensees who gamed the system, especially in California, the Department of Real Estate should go after them with a vengeance, as well as all District Attorneys and the FBI. All totaled, they were a substantial factor of this meltdown. Further, they caused what appeared to be a housing shortage and legitimate buyers had to increase price offerings to get into a house. Now these same jerks are claiming to be "Short Sale" amd "Foreclosure" experts. They should be--they lost their houses to foreclosure.
I encourage the FBI, DA's and DRE to contact me...
I've got a list of licensees who lost 19 houses in my neighborhood alone, which is/was running an average of $850,000 a house, and these jerks bought and went to default within 12-14 months. In some instances, the banks took a haircut of over $1M, which is coming out of people's 401K, taxpayer's pockets, and lost equity, which was there unti lyou played your cute little game. I hope you rot in jail. I am opposed to the death penalty in this case because I think it is too kind. I want to see you rot. I hope lenders have started a list of people who are convicted of fraud, and never give them a loan again. EVER. May youu rot, and think about what you did. Greedy pricks. I know, you were just trying to help your family. Use that as an excuse, and I say your whole family is greedy. Worse yet, you got paid on the sale, and got commission for doing the loan. You probably cheated to get your Real Estate license as well. I hope the judge is extremely harsh on you.
So, with the hope that people will not walk, and easier accessibility of loan modifications, I hope we have found, hit, and escape from a bottom.
