How To Free Up The Home Mortgage Market?
For those of you who have attempted and hopefully succeeded in financing a home I bid you congratulations. Home ownership has long been a cornerstone of the "American Dream" and is very prominent within the U.S. tax code to assist in its implementation. All things considered it is a good thing to own a piece of the earth and more importantly to put a roof over your families heads.
Of course for those economically concerned, the home market has been the key driving force which fuels our GDP as the tentacles from each house spread out geometrically to virtually all sectors of the economy. A boon no doubt and needless to say the reason we are in the quagmire is due to a lack of home sales and diminishing ownership.
You ask how can this be with historically low interest rates and all. It is really very simple that. We have been inundated with new rules and regulations and a fee structure which continues to rise almost daily. If that were not enough the investors who purchase the mortgages are literally afraid of their own shadows. Of course these serve only to slow progress not enhance it. Take it from one in the industry, I kid you not I have not seen the likes of this ever in my 30 years and that includes the S&L debacle. On the contrary that worked out quite well but as I have stated before we had adults in charge when that event occurred and was quickly resolved. Today we could not be further from same as this correction has been horribly mishandled across the board.
We are literally freezing the market with endless paperwork and hurdles for even the best of the best and I see no one gaining from this whatsoever. I do see us all losing however. This must change and quickly friends.Continued on the next page