Comments on: Time For Action - Lets Get in Front of the Next Wave of Foreclosures http://www.charlottecommunitiesonline.com/2008/01/20/time-for-action-lets-get-in-front-of-the-next-wave-of-foreclosures/ An insiders look at Charlotte Communities, Charlotte Relocation, Charlotte Homes for Sale, Charlotte NC Real Estate and all things Charlotte Tue, 6 Jan 2009 15:23:54 +0000 http://wordpress.org/?v=2.3 By: John C http://www.charlottecommunitiesonline.com/2008/01/20/time-for-action-lets-get-in-front-of-the-next-wave-of-foreclosures/#comment-527 John C Thu, 24 Jan 2008 05:11:29 +0000 http://www.charlottecommunitiesonline.com/2008/01/20/time-for-action-lets-get-in-front-of-the-next-wave-of-foreclosures/#comment-527 Terry- I respect your take on this but I have to disagree. I think we need to let the markets sort this one out, and if lenders take a big hit, then so be it. The government has never been good at fixes (see FDR's socialism, Nixon's wage price freeze, and the entire Carter admin). I agree that we need to write elected officials, but maybe just to tell them to let the invisible hand of capitalism cull these lenders. Terry- I respect your take on this but I have to disagree. I think we need to let the markets sort this one out, and if lenders take a big hit, then so be it. The government has never been good at fixes (see FDR’s socialism, Nixon’s wage price freeze, and the entire Carter admin). I agree that we need to write elected officials, but maybe just to tell them to let the invisible hand of capitalism cull these lenders.

]]> By: Terry http://www.charlottecommunitiesonline.com/2008/01/20/time-for-action-lets-get-in-front-of-the-next-wave-of-foreclosures/#comment-526 Terry Wed, 23 Jan 2008 18:45:05 +0000 http://www.charlottecommunitiesonline.com/2008/01/20/time-for-action-lets-get-in-front-of-the-next-wave-of-foreclosures/#comment-526 Thanks Roberta, I don't know who successful they will be either- but these things are expensive, and because of the lack of adequate regulation- as Peter points out- this may be the only instrument-blunt as it is- left to get a some justice. Peter- thanks for your comments- for those of you who don't know, Peter is the author of 5 books on the mortgage industry. Thanks for visiting all. Thanks Roberta, I don’t know who successful they will be either- but these things are expensive, and because of the lack of adequate regulation- as Peter points out- this may be the only instrument-blunt as it is- left to get a some justice.
Peter- thanks for your comments- for those of you who don’t know, Peter is the author of 5 books on the mortgage industry.
Thanks for visiting all.

]]> By: Peter G. Miller http://www.charlottecommunitiesonline.com/2008/01/20/time-for-action-lets-get-in-front-of-the-next-wave-of-foreclosures/#comment-524 Peter G. Miller Wed, 23 Jan 2008 17:25:55 +0000 http://www.charlottecommunitiesonline.com/2008/01/20/time-for-action-lets-get-in-front-of-the-next-wave-of-foreclosures/#comment-524 Terry -- You make a number of good points in your post, particularly about the community impact of foreclosures. The idea that what we have is merely a "subprime" crisis is ridiculous. What we really have is a fialure of the federal government to regulate lenders -- a terrible reality given that appropriate regulatory powers have been in place since 1994. I have been telling people for years, literally, to avoid toxic loans. Now, finally, people get it. Unfortunately, too many people ignored common sense economics and now face foreclosure. All the best, Peter G. Miller www.ourbroker.com Terry –

You make a number of good points in your post, particularly about the community impact of foreclosures.

The idea that what we have is merely a “subprime” crisis is ridiculous. What we really have is a fialure of the federal government to regulate lenders — a terrible reality given that appropriate regulatory powers have been in place since 1994.

I have been telling people for years, literally, to avoid toxic loans. Now, finally, people get it. Unfortunately, too many people ignored common sense economics and now face foreclosure.

All the best,

Peter G. Miller
www.ourbroker.com

]]> By: Terry http://www.charlottecommunitiesonline.com/2008/01/20/time-for-action-lets-get-in-front-of-the-next-wave-of-foreclosures/#comment-514 Terry Mon, 21 Jan 2008 20:45:05 +0000 http://www.charlottecommunitiesonline.com/2008/01/20/time-for-action-lets-get-in-front-of-the-next-wave-of-foreclosures/#comment-514 It has already happened in Cleveland and in other cities- here I had a buyer 2 years ago unable to get a home purchase financed because of 2 foreclosures brought the values far down. This is why the Feds are trying to do something- the loss of homeowner equity and tax base is real, not to mention the accompanying increase in crime. It has already happened in Cleveland and in other cities- here I had a buyer 2 years ago unable to get a home purchase financed because of 2 foreclosures brought the values far down. This is why the Feds are trying to do something- the loss of homeowner equity and tax base is real, not to mention the accompanying increase in crime.

]]> By: Charles Woodall http://www.charlottecommunitiesonline.com/2008/01/20/time-for-action-lets-get-in-front-of-the-next-wave-of-foreclosures/#comment-511 Charles Woodall Mon, 21 Jan 2008 16:16:34 +0000 http://www.charlottecommunitiesonline.com/2008/01/20/time-for-action-lets-get-in-front-of-the-next-wave-of-foreclosures/#comment-511 You definitely give a compelling argument for some sort of bailout Terry. However, I don't think appraisers would be able to use foreclosures for all their comps. I also don't think that property tax accessors will either. Although your numbers might be a little more skeptical than reality, your post has definitely made me think twice about how I feel about government involvement in this mess. Good stuff! You definitely give a compelling argument for some sort of bailout Terry. However, I don’t think appraisers would be able to use foreclosures for all their comps. I also don’t think that property tax accessors will either.

Although your numbers might be a little more skeptical than reality, your post has definitely made me think twice about how I feel about government involvement in this mess. Good stuff!

]]> By: Roberta Murphy http://www.charlottecommunitiesonline.com/2008/01/20/time-for-action-lets-get-in-front-of-the-next-wave-of-foreclosures/#comment-507 Roberta Murphy Mon, 21 Jan 2008 00:13:50 +0000 http://www.charlottecommunitiesonline.com/2008/01/20/time-for-action-lets-get-in-front-of-the-next-wave-of-foreclosures/#comment-507 Terry: Excellent article and information about Cleveland. I don't know, though, how successful the City of Cleveland will be in their suit against 21 investment banks. The lenders directly bear the brunt of their mistakes. And when (property tax) income drops, government belts need to be collectively tightened. Thanks for the information! --Roberta Murphy Terry:

Excellent article and information about Cleveland. I don’t know, though, how successful the City of Cleveland will be in their suit against 21 investment banks. The lenders directly bear the brunt of their mistakes.

And when (property tax) income drops, government belts need to be collectively tightened.

Thanks for the information!

–Roberta Murphy

]]>