Upcoming Foreclosures

Who can stop this madness???

PLEASE HELP STOP THE MADNESS!!! It is really important that the SCARCITY CONVERSATION ENDS and that someone sheds a new context on how to resolve the housing issue! In Reference to Fannie Mae's Announcement: On March 31, Fannie Mae sent out new guidelines to lenders intended for walkaways and other foreclosure situations. Fannie will now prohibit foreclosed borrowers from getting another mortgage through the giant investor for five years, unless there are "documented extenuating circumstances." In those cases, the mortgage prohibition is for three years. Even after five years, borrowers with foreclosures in their files will be required to make at least a 10 percent down payment, and will need minimum FICO credit scores of 680. ******** This will just slow the housing market for an additional 5-7 years! I understand their need to do something but isn't there another way that could also stimulate growth in the economy and housing market? Also, if you look at the psychographics of Americans, most people are belongers, meaning they follow what everyone else is doing. The media can help with this. Many people are heading into foreclosure just because it seems like the most appropriate thing to do. Maybe an incentive can be created for those who do not foreclose instead of telling people how difficult it will be to purchase again in the future (SCARCITY CONVERSATION)! I am at a loss and have sat here thinking there is nothing I could do about it, and am no longer willing to sit back and wait. Can you help with this matter or at least point me in the direction of someone who can?

Public Comments

1. say what? psychographics? maybe if the banks hadn't lent so much money to folks to buy houses they couldn't afford we wouldn't be having issues now
2. That's just my 2 cents: 1. Nobody should ever get a mortgage, without 20% downpayment. 2. The same way, house taxes have been skyrocketing with the housing bubble, they should go down now. 3. Homeowners should be able to credit their losses, when they sell for less then they bought, in their tax return. Other then that, the current housing crisis is brought upon by people losing their jobs, not by subprime or refinancing, like the government wants you to believe.
3. YOU MUST BE KIDDING, RIGHT??? this madness will not stop... the banks knew that this would happen, but the executives let loans be funded anyway, that way they can line their pocketbooks... I CAN BET YOU MY HOUSE THAT ANOTHER ENRON SITUATION IN THE MORTGAGE INDUSTRY WILL COME TO LIGHT.. AND BEFORE YOU KNOW IT, MANY EXECUTIVES WILL BE LOCKED UP!!!
4. These restrictions sound good. They've been loaning money to people who couldn't afford it for too long.