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What does everybody think about mortgage crisis and what the government is proposing to do to fix it?

My opinion probably isn't going to come across too sympathetic. The banks were just making loans that were too liberal. It wasn't uncommon to hear about 100% ltv, no doc loans to people with low 500 fico's. That was crazy. Now those borrowers, who should have been expected to default, are now defaulting, the banks are once again being difficult to deal with to save the loans. I buy short sales and foreclosures for a living and banks are just as hard to deal with today as 3 years ago.
I dont think that government intrusion is the answer. The people who made the bad decisions need to deal with the consequenses and if a bank made bad loans maybe it's better that they arent around to repeat the mistakes.
What really gets me is that all we hear about is loan fraud and how the "brokers" were out of control. Believe me if the lender didnt have the programs to match the borrower to, we wouldnt be in this mess. I think the lending practices of the major lenders was nothing short of criminal. An independant Broker is still needed in the market.

But don't you think the government should have regulated this better and since they didn't shouldn't they fix it

The government is too involved already. I think their only involvement should be prosecuting the CEO's like Anthony Mozilo. He had an 87 Million dollar severance package as well as sold 150 million in personal stock before they announced company forecasts. Nice guy huh?
http://www.forbes.com/2007/10/19/mozilo-sec-countrywide-face-cx_af_1018autofacescan03.html

These guys are making out like bandits while the borrowers pay the ultimate price.

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