Whether you reside in Cincinnati, West Chester, Fairfield, Liberty Township, Fairfield Township or Mason, Ohio you have either experienced mortgage problems or read/heard about them in the media. Finger pointing, consumer frustration and drooping real estate markets have focused on the myriad of issues causing the mess.
What caused the Mortgage Mess?
To understand how we got to this point take a few moments and listen to Dan Green. Green is the author of TheMortgageReports.com and he has prepared a great video on “Why It Matters When Mortgage Guidelines Change”. Once you understand how we got to this point, it may be easier to see why so many people were caught in the net.
Unfortunately because the problem is national the government is charging in on a “white horse” to save as many institutions and borrowers as possible. On Friday the Wall Street Journal covered how “FHA May Aid Those ‘Underwater’ on Loans“.
The Fed’s involvement is like a red flag in the bull ring and today’s article in today’s Cincinnati Enquirer details the clash with this year’s political campaigns each coming out with their proposals to fix the mortgage mess.
This problem is affecting homeowners who owe more than their homes are worth, sellers having to sell for less and the average home owner who also pays taxes.
For this blog I remain neutral on all the proposals and programs currently under discussion. However as a taxpayer I have to wonder how far my tax dollars will spread to bail out every company that made high risk investments, reaped high profits and are now want the government to subsidize poor business practices.
What do you think about the mortgage bailout? How would you “fix” the current problems?
Leave a comment below or send an email.
Having a problem with your mortgage- stay tuned for a blog on how to work with your lender.