Fixing The Mortgage Mess
President Obama is moving quickly to fix the problems in our country's financial system - and there is an incredible amount of work that needs to be done.
"Officials say they will make wide-ranging changes, including stricter federal rules for hedge funds, credit rating agencies and mortgage brokers, and greater oversight of the complex financial instruments that contributed to the economic crisis."
I've never been for increased government control. However, one big cause of the of the mortgage / real estate mess that we're facing right now is the fact that there was absolutely no control at all!
You can make all of the laws that you want and you can go on about ethics all day long but if no one is enforcing these standards you wind up with a big mess.
The subprime mortgage situation that existed for the last few years was a great example. It was basically a lending free-for-all. Lots of money that was virtually thrown at people. It wasn't irresponsible, it was idiotic.
'Let's lend someone (that can't repay) more then 100% of the current value of a home, even though the value looks like it will keep going DOWN!'
You don't need a degree in finance to see that there's something wrong with that.
Oh, I can here the complaints already! "Marc, people need to be responsible for themselves, they shouldn't need to be TOLD what to do!"
Good point. But when the actions of a few have negative effects for the entire country someone needs to put a halt to it.
Before we turn this into an exchange about philosophy & politics, let's wish Obama the best and help to get this mess cleaned up.
Marc J Blasi
For some time now, Knightlines Mortgage Services has been offering the people of Florida a convenient way to finance and re-finance their residential property.
But that isn’t the entire story - we are also doing commercial lending in all 50 states. AND - now we can offer commercial financing OUTSIDE of the country as well. Caribbean, South America, etc - just call for the details.