Oct 02 2008
Exactly Who Is Being Bailed Out By The Bailout?
I have been very critical about the proposed economic bailout by the Federal government and nothing over the past week has changed my mind at all. Clearly, I am not the only person with strong reservations. The House failed the original bailout proposal this week but the Senate came back today with some revisions. The question remains: were the revisions great enough to actually help the homeowners of this country?
The piece of legislation that calls for a $700 billion bailout currently being reviewed by Congress is supposed to play a large part in reducing the amount of foreclosures by working with loan servicers such as Countrywide, Wilshire, and Ocwen in an attempt to aid them in modifying the terms of existing loans. However, many housing experts question whether the bill will actually do anything to help struggling homeowners refinance into more affordable mortgages or even modify the existing ones.
The truth is that the economy cant truly begin to recover until buyers are found for the millions of foreclosed homes that are currently on the market. Bailing out the banks and giving them more money to lend will only put a temporary band aid on this gaping bullet wound. Property values are continuing to drop because more and more communities are being burdened by vacant houses that are not being cared for. Association assessments are draining the current homeowners and encouraging more and more people to just walk away from currently occupied homes.
As the stock market continues to fail, and less and less banks are lending money, more and more foreign investors and current American tycoons will begin purchasing the properties facing foreclosure at pennies on the dollar. The free market always corrects itself and this economic crisis is no different. Whether or not you are one of the lucky homeowners who finds a buyer for your home before the foreclosure judgment is entered against you and your house is taken from you at public auction cannot be left just to chance. There are ways to delay the bank from foreclosing for as long as you need to find a buyer. The true solution to the problem facing the individual homeowner can be found at www.ForeclosureDefenseSecrets.com. The only people being bailed out by the current proposal are the politicians facing reelection that let this disaster occur. American homeowners have to be willing to defend themselves.
Please, can you PM me and tell me few more thinks about this, I am really fan of your blog…gets solved properly asap.