dow2664
The stock market is surging since the mid-term election results came in and since the Fed’s gave their policy statement this week on stimulating the economy by eating up a bunch of treasuries. Republicans have gained control of the House and gained seats in the Senate. The Republicans are now, and always have been, thought of as business savvy. The Housing market continues to remain in the dumps and foreclosures have added up. The people want to stop the foreclosure process and find ways to refinance and make their monthly mortgage payments. The foreclosure process has been stalled as of late due to legalities relating to the paperwork process, and banks are having to check twice to make sure that the process of foreclosure meets all regulations and legislative requirements. This process of checks and balances relating to the paperwork and foreclosure is at risk of changing again due to new leadership in government. Plus, contrary to the position that was taken on foreclosures just over a year ago, the Obama administration is now singing a different tune. The head of the Treasury Department’s Home Ownership Preservation Office, Phyllis Caldwell, stated that “an important part of ensuring long term stability in the market is to enable properties to be resold to families who can afford to purchased them.” In essence, this statement is promotion of the need to get the foreclosure machine running again to rebuild the housing market. Author: Stephen Johnson
No comments:
Post a Comment