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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Bonefish who wrote (265388)	7/31/2010 4:11:57 PM
From: koan	Read Replies (2) \| Respond to of 306849

IMO, it was not enough and did not address the right things. I think the best thing he could have done, as mentioned, was protect the middle class so they could stay in thier homes that are temporarily underwater; and let them combine first and seconds. Over the last 30 years the neo cons have slaughtered the middle class. People do not want to leave their homes. Millions of middle class people with jobs and good credit could have been saved by simply letting them refinance the first and second at 120% of appraisal. Just give them a steamlined refinancing. That simple solution would have hit at the heart of the real estate problem and done more to help, the middle class, banks and real estate and economy than any other program I know of. Millions took out seconds for many reasons, but present refinancing laws do not allow refinancing of first and seconds. Ask any bank and hey will tell you tha tis their #1 gripe. I have been in real estate for a couple of decades.