Unfortunately, the mortgage crisis has hurt everyone rich to poor, borrower to lender. Now that we have crawled out from under our rock it is time to figure out what to do about the subprime mortgage mess. Refinancing has to be a reality. We cannot live in a country where someone has a mortgage loan obligation that they cannot refinance. This situation will only get worse if those that need to refinance cannot refinance and they go bankrupt instead. However this could not come at a better time.
It is an election year. The time when everyone must pander to the masses. The candidates need to pander for votes and the banks need to pander so you vote for their candidate. If there was any time that would be great for market manipulation to allow everyone that needs to refinance to be able to refinance this year would be the year.
However, is that the best thing? Is market manipulation the way to go? Every economist is shouting from the rooftops not to interfere with the market. In a way they are right and wrong. With no interference the banks will not allow anyone to refinance their mortgage. With too much interference, they will break the economy. What is the right level?
The saner economists feel that FED should increase liquidity so those Prime borrowers can at least refinance their mortgages. The subprime mortgage holders likely did not deserve a mortgage to begin with, and nothing can be done to help them. They unfortunately need to lose their homes and everything else they bought. (Many will even say these mortgage holders were an even larger drain on the economy, because they were locked into a mortgage they were not spending elsewhere.)
Once the subprime buyers are cleared out of the system, mortgage banks will begin to have more confidence and the market will recover. What is increasingly clear to most people is that we need to elect a candidate who will support a platform of minimal manipulation. That candidate should have business experience and overall experience. The character of the candidate is also important. If they have spread too much election dirt about their opponents than even with business experience they are a bad candidate. http://www.dirtyelection.com
Only 1 candidate on each side stands out as someone who can take the sanest approach to the mess of our mortgage system. Obama and Romney have both had solid business experience and they will hopefully not heed the calls of the subprime borrowers being thrown out of their houses to interfere to much in the economy. As president they will hopefully ignore all outside voices and make the wisest decision for our future.
Eric has been an effective marketing manager for over 2 decades. He has sold products to clients as diverse as toddlers to fortune 500 companies. http://www.biyts.com educates users on some of his lessons he has learned in his successful marketing career.
Source: www.articlesphere.com
