Does Cincinnati Real Estate Need Their Own “Dark Knight”?
July 28th, 2008 categories: West Chester Ohio
Is Congress imitating a cartoon “Super Hero” rescuing struggling homeowners from foreclosure or just another comic book character hoping for a happy ending?
Late last week the US Senate voted in favor of a housing bill focused on rescuing property owners facing foreclosure. While many parts of the bill are hidden in “political speak” (why is maintaining a tax deduction for Chrysler included in a housing bill?) the immediate impact on people on the edge of foreclosure appears to be a mixed message.
Why?
The bill seems to rely on banking institutions (most with stock holders) voluntarily incurring huge losses in order to refinance mortgages. I have not waded through all the details, but, most of today’s borrowers are waging war with mortgage servicing companies (and not their lender) and if the bill does not specify a timeframe or a process for speedy reconciliation- then borrowers will continue to endure the same problems that exist today.
If all of the mortgages in Cincinnati, West Chester Fairfield and Mason were held by local institutions- chances are many of these problems would not exist and resolving the problems would be handled locally. Unfortunately many borrowers are dealing with mortgage servicing companies located all over the country (world?).
Tax credits for first time buyers should be extended to all buyers!
Did you ever notice when the housing market is churning along-many other businesses benefit. The proposed $7500. tax credit for first time home buyers is wonderful- but why not extend the credit to all buyers. In addition to stimulating the housing market, we would also see the impact ripple to down stream suppliers, moving companies, big box stores (lumber, hardware, furniture, lighting, landscaping……..).
Only time will tell if the effectiveness of the latest housing bill will be solely as a blockbuster headline or a “hero” providing of long term foreclosure relief for the southwestern Ohio area.
What do you think?
Related Articles: Congress Approves Housing Rescue Bill; Housing Bill Relies on Banks to Take Loan Losses; Understanding the Housing Bill
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Hey, nice tips. Perhaps I’ll buy a bottle of beer to that person from that forum who told me to go to your blog
Great post! Thanks!
Great post! Thanks!
Great post! Thanks!
Great post! Thanks!