edward54

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    • Thu Apr 24th 15:26 PM | Rating: 0 0
      Commented on:
      Barney Frank's 'Subprime Relief Plan' May Make a Bad Situation Worse
      Excellent article. I think it's better for Congress to allow the regular process to work. We got into this mess because some in Congress wanted lax lending standards to expand American homeownership. So they got their wish. Let them see the consequences.
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    • Wed Apr 23rd 23:31 PM | Rating: 0 0
      Commented on:
      The Impending Mortgage Crisis
      Another NoVa resident here who also is curious why local banks are holding onto so much foreclosed properties. It is not just local banks, but Countrywide is sitting on 14,000 homes worth almost $3 billion countrywide-foreclosur.../ including many in the Washington area. The situation is even more precarious than I thought, because banks are holding past-due notes of builders who can't sell their homes because the loose mortgage market has really tightened up. I agree with another poster who noted Washington is regarded as recession proof, and perhaps everyone is waiting for a change in administration. That usually results in bringing 5,000 new faces to town and (unfortunately in my view) history shows the older generation doesn't leave but moves into well paying lobbying shops. Realtors here boast the Washington area has seen only one housing recession, and that came with Eisenhower and the end of the WW2 buildup, reversed with Korea. But holding out for a huge influx of new federal workers is a real throw of the dice, and I wonder why the Comptroller of the Currency is allowing banks to hold all these non-performing loans when it affects their survivability. I'm very pessimistic on this front, and see a wave of bank failures and consolidations in the not-to-distant-future.
      View article »
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