Austin
Elite Member
- Joined
- Jan 16, 2002
- Professional Status
- Certified General Appraiser
- State
- Virginia
Last night Cavuto was talking about the upcoming meeting of the big city mayors in Detroit on Tuesday to discuss a bailout of subprimers. He was interviewing a big city mayor and hit him from every angle with the fallout to the system from a bailout but the mayor parried every attempt. A bailout of some sort is in the works.
This just proves what I have been saying all along-any sale of real estate with less than 20% down is not a market, it is a welfare program. He who invest in charity should not expect to make money on the deal. That is one reason I don't do GSE appraisals-it's just a game of lets pretend and fill out all of these papers to make it look official. Look what has been done to these people in the name of compassion. Another example of feel-good unintended consequences. "We feel your pain. We are from the government and we are here to help you. We regulated and certified the appraisers to make sure you are protected."
PS: I forgot to mention that Cavuto also interviewed a lawyer who is suing for damages on behalf of these losers. The lawyers are in the game now, we are in election cycle and the big city mayors are hungry for more fed $$$$$$$. It's the perfect storm. Everything hitting at the same moment in time. Every day its gets deeper and deeper. 2008 is going to be a monumental year for the books.
This just proves what I have been saying all along-any sale of real estate with less than 20% down is not a market, it is a welfare program. He who invest in charity should not expect to make money on the deal. That is one reason I don't do GSE appraisals-it's just a game of lets pretend and fill out all of these papers to make it look official. Look what has been done to these people in the name of compassion. Another example of feel-good unintended consequences. "We feel your pain. We are from the government and we are here to help you. We regulated and certified the appraisers to make sure you are protected."
PS: I forgot to mention that Cavuto also interviewed a lawyer who is suing for damages on behalf of these losers. The lawyers are in the game now, we are in election cycle and the big city mayors are hungry for more fed $$$$$$$. It's the perfect storm. Everything hitting at the same moment in time. Every day its gets deeper and deeper. 2008 is going to be a monumental year for the books.
Last edited: