Helllooooo My Wonderful Beautiful Bay Area!!…
Today… we have an extension of my posting on Tuesday October 12… Foreclosures Halting… Now What??!!!…
The breadth and ultimate effects of this latest Foreclosure Issue may not be realized anytime soon, while we wait for more solid information to come down the pipeline etc… I thought you’d like to hear from a trusted very experienced loan consultant and good friend of mine, who was kind enough to share his personal perspective on the Foreclosure Situation…
(The content below is not be construed to be anything more than his own personal opinion)…
Hi Isi,
My personal belief is that lenders have been very patient with homeowners and to add this extra burden to already stretched banks and lending entities is simply suicidal for our economy. Homeowners that are behind know very well they will lose their home. Just like you and I know that on a clear day, the sky is blue. Banks need to be able to move on their assets and eventually be solvent again. Banks are not our adversaries. Heavy and costly government along with the heavy and costly regulation that comes with it, is the problem.
My business is so laden with regulation now that the average applicant is paying a higher rate and more fees to obtain the same product and the new regulations have done very little to enlighten the consumer to what they are getting. Sadly, the only benefit the consumer has received is the privilege of paying more for the same product.
On a different subject. The economy starts with the consumer ( you and I and our neighbor) – not with business as these administrations keep pushing. If the consumer has money at the end of the month and is not worried about the future and heavy inevitable taxes, then the consumer will spend which then leads to demand for services and products. Hence employment. The only way the consumer is going to have money to spend and feel good about the future is heavy federal and state tax cuts along with heavy government spending cuts. If I had an extra $10,000.00 at the end of the year and I see a government heavily cutting back and behaving fiscally responsible, I might just purchase that couch we need or maybe I will get a new car. Multiply this spending by millions and hence demand will jump, businesses will see this demand and expand hiring people and the future would be bright.
This government is poised to spend and unless you are willing to cut government way back it is useless talking about tax cuts. So vote them out and replace them with leaders who tremble at the thought of big government and spending. In order to prosper, government must be squeezed, regulation must be loosed, and tax burdens must be lifted. There is no other formula for a great and prosperous America.
Hope this helps.
Tom Erbil
Mortgage Broker – DRE License# 00934494
Stay tuned in and check back for more updates as they become available…
Isi
Isi Wu… the realtor for you!
Serving Clients All Over the Eastbay and Beyond…
