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Strategies & Market Trends : John Pitera's Market Laboratory
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To: estatemakr who wrote (8498)12/4/2007 5:14:17 PM
From: The Ox  Read Replies (2) of 33421
 
Hi estatemakr,
I wanted to respond to the other portions of your post in a separate entry, as I think it deserves a different approach.

I'm not for bailing out anyone, in general, but I am for trying to help people out of a difficult situation, one that was not entirely of their own making. People seem to think that helping someone out is bad for business. I couldn't disagree more! While the profit margins on some of these "helpful" new mortgages would be substantially lower then the ARMs they are replacing, in the end the combination of a new mortgage and an (eventually) stronger customer/consumer could end up being a win/win situation.

The creative financing that became the rage of the mortgage industry the past few years is not the way the industry has operated in the past. Night and day differences. The industry must take responsibility for it's actions, which is why I think that reseting some of the mortgages is a necessary action by the industry. The industry needs to step up, not the federal government, imo. However, the federal government needs to put pressure on those who resist, as well as assist those who are actively trying to make the bad situation better.

I find it some what remarkable that you jump from the possibility of helping out people with underwater mortgages and some how equate this with bailing out someone who invested in a stock or market index that falls 50%.

In no way am I advocating socialist treatments or policies. While this may be the manor in which our government chooses to deal with this situation, I feel it is the wrong approach.
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