Check out this link that a friend sent to me. I hope it gets better soon. DAVE
http://www.cbsnews.com/stories/2008/12/12/60minutes/main4666112.shtml.
Well I think RE is very local. I was talking to a friend of mine who’s an accountant at Bank of America. He said something interesting. There are only 5 states where the majority of these “toxic assets”. California and Florida are the only ones I can remember. I asked him why the banks can’t pinpoint the bad loans and just put in a separate “market” or aucton site and then go to the govt. after the dust settles. Also, I thik the govt. should devise a program that allows purchase and refinance of 4% and up to 40 yr. mortgages for everyone. This way at least the credit worthy people can truly be rewarded. People with good credit should also have their FICO increase by 50 points… It may increase anyway with all the defaults…
Bad credit is the new good credit :rolleyes