Update on Obama, Christopher Dodd & Barney Franks plan to further cripple our country's economy

Posted by Ben Nicolas on Sunday, February 27th, 2011 at 8:23pm.

 
 
  • This will kill jobs in RE & Mortgage Industry, this doesn't just mean RE & Loan Officers this means all of the operational support, underwriters, managers, processors, also all of the services these businesses use i.e.- accountants, human resources people, maintenance, not to mention all of the industries that are connected to residential real estate: construction, furniture stores, material suppliers, landscapers, contractors of all trades, I have no idea what # of jobs we are talking about but there is 0 doubt that we are talking 7 figure job loss at the end of the day when the impact of these deciscions is analyzed across the country.  I don't understand why conservatives will fight tooth and nail to prevent tax hikes because they feel businesses will be discouraged from operating in the U.S. and there will be less money to circulate throughout the economy and anyone, anywhere can possibly think that whats being proposed in this article could be a good thing for our country.
  • Real Estate Values will get crushed, this means banks will get crushed, hello 2008 all over again, this will increase foreclosures, but oh no it won't because the current political regime has made it illegal to foreclose on anyone, people can just stay in their house for 6-12-18 months without making a payment, why can't we get some goverment policies that encourage accountability for homeowners (and businesses)???
  • It is going to be very difficult for people to buy 1-4 unit property, Fannie/Freddie going away and making the terms of FHA so unaffordable that no one uses it means that homeowners are going to be getting terrible terms when they finance
  • Renting will get a whole lot more expensive once landlords realize that their tenants don't have any place to go, then the next administration will realized that they can pick up some serious political currency by making it easier for good hard working, accountable people to buy, they will realize they can decrease unemployment by stimulating housing sales by removing the majority of the completely non-sensical legislation Dodd-Frank has wasted everyones time with and we'll start this whole cycle all over again
  • Obama, as the President and Cheif Operating Officer of our country I am pleading with you, please do not allow any more legislation to be passed that effects the housing and mortgage industry without first sitting down with industry participants (i.e.- people that understand the inner workings) and constructing a plan that will prevent the excesses of 2003-2007 without causing further damage to our economy, whatever happened to going through and making preciscion cuts with a scaple, you are hacking away at the livlihoods of countless Americans with an axe and the repercussions are going to be felt by all.

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