Where's the outrage!

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cato
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Where's the outrage!

Post by cato »

The NY Times is running an article about people who are losing downpayments because they can't get loans:

http://www.nytimes.com/2009/03/22/realestate/22cov.html

One doctor and his partner were buying a $1.7 million condo, but couldn't because the lending requirements went up. The doctor says:

“It’s just so unfair that with all the bailouts and other stuff going on there’s no relief for people in our position."

Yup. Last time I checked the median U.S. home price was a little more than 1/10th of the place he's buying. I think the govt. should mobilize all resources available immediately to save him.

Note his office decor, BTW.
Citigroup delenda est.
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Index Fan
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Post by Index Fan »

Another effect of aiding and abetting moral hazard- citizen rancor about who is and who is not selected for aid (over and above the issue if the aid is deserved or not, another thing the government is infamous for). Politics and economics do not mix well.
"Optimum est pati quod emendare non possis." | -Seneca
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Doc
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Re: Where's the outrage!

Post by Doc »

cato wrote:The NY Times is running an article about people who are losing down payments because they can't get loans:
Any real estate contract that I've ever seen that involves a mortgage has a contingency clause that allows most if not all of any down payment to be refunded if the buyer can't get financing. That is one of the reasons sellers will take less money for a cash deal.
A scientist looks for THE answer to a problem, an engineer looks for AN answer and lawyers ONLY have opinions. Investing is not a science.
allsop
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Post by allsop »

Index Fan wrote:Another effect of aiding and abetting moral hazard- citizen rancor about who is and who is not selected for aid (over and above the issue if the aid is deserved or not, another thing the government is infamous for). Politics and economics do not mix well.
Politics and economics are inseparable, and the current crisis should make that very clear to most people.
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