debbie tjahjono <firstname.lastname@example.org> on 04/08/2008 12:30:01 AM
To Whom It May Concerns:
The wholesale/secondary mortgage market was already regulated more than the
mortgage banking /the retail market. Most of the money invested in the wholesale
market comes from investors who despite what many believes would rather have the
home owners keep the house than foreclosed it. Had the federal government leaved the
market corrected itself. The number of foreclosures home would have been less than
what it is right now.
When there is money available to bail individual borrowers from foreclosures the likely
hood of refinancing the troubled note is greater when the availability of funds is not
there. This scarcity of funds is caused by investors pulling their money away from this
mortgage market, this government is about to forced regulations after regulations on it.
When uncertainty of federal government regulations investors are going to move the
funds that otherwise available to refinance notes that are otherwise keep performing. To
say that homeowners are not responsible or not capable of thinking for themselves and
or are that gullible are undermining the intelligence of the Americans.
The media played heavily to encourage many people who are otherwise embarrassed
or would at least try to help themselves not be in that situation are telling themselves or
convinced themselves that is OK to foreclosed, that they are the victims. The number of
foreclosures are larger than ever yes, but does the statistics also include the fact that in
America history the percentage of American families who own house or houses are at
the highest number. 67% of American families own one house. There is no other
nations in the world compares to this number not in Europe nor Asia.
We do not want to go back to the day when interest rate on a mortgage was in the
double digits and to own a house one must put down 20% and to make matter worse
we don't ha