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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: SouthFloridaGuy who wrote (6296)10/27/2002 7:16:45 PM
From: westpacificRead Replies (1) of 306849
 
NYC - did you read this, UFB - and reason why banks are gonna be holding a massive amount of real estate once the bubble pops. They are letting anyone qualify to buy.

Read On-----

Monday from Dow Jones Newswires’ Kristina Zurla: Quoting Leland Brendsel, Chairman and Chief Executive Officer of Freddie Mac, speaking at a Mortgage Bankers Association of America: “There’s no risk of a nationwide decline in home prices, period.’ Also from the article: “Jamie Gorelick, vice chair of Fannie Mae, saw a rosy outlook for housing throughout the rest of the decade. “We can deliver the best decade for housing we’ve ever seen,’ she said. Gorelick agreed minority homeowners are going to be a key force behind the market’s growth in years ahead, noting surveys show their plans to buy homes are even stronger than those of the baby boomers that drove the big housing surge of the recent past. Educating these minority and/or low-income potential homeowners is key, she said, because there are some misconceptions about that it takes to buy a home. ‘We need to reach out to them and let them know the American dream is within their grasp,’ Gorelick said. Too many Americans still think it’s necessary to put 20% down on a house or have perfect credit, she said, and don’t realize underwriting innovations have allowed homebuyers to put down 1% - or even nothing - and still purchase a home.” Whatever happened to Fannie lending up to 70% loan to value? This mortgage finance Bubble is out of control on many levels.
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