Posted by: terryorealtor | September 8, 2008

Fannie Mae, Freddie Mac

Well, the US Government has again stepped in and is using the taxpayers money to bail out another mortgage entity.

I have mixed feelings. Obviously, the US economy is dangerously near a total collapse and something had to be done.

On the other hand, I take exception to bailing out the corporate giants and investors who have sat on their thrones snubbing the average citizen in distress, refusing to work with them to renegotiate loan terms and to bail out the corporate madness that has ruined thousands and thousands of citizens credit and hopes for home ownership.

I distinctly remember approx 2.5 yrs ago that it was really bad what was happening prior to the public becoming aware of the mortgage meltdown. I was told that the public was purposely kept in the dark for fear of panic……..

Hmmm……..

Well the good news appears it has caused the mortgage interest rate to go down…..However, in reality it will only help a few.

Those homeowners so upside down  in their mortgage are beyond help.

The market should have been allowed to completely adjust in order to bring real stability.

Don’t you wonder how many of the good ole boys and gals from all walks of life and political upbringing is paying back favors to their friends and cohorts in distress?

My personal feelings, it would have been a hell of a lot smarter to have renegotiated the loans , kept homeowners in their homes than to allow what has happened.

Does anyone realize how many foreigners are investing in US real estate?  We have literally given our country away.

I am not against foreign investment,  but it is scary to know that some of our banks, major commercial real estate centers as well as regular real estate is owned by outside forces…….

We all fell for it, hook , line and sinker………

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