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Old 08-26-2012, 11:13 PM   #65
AustinChief AustinChief is offline
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Quote:
Originally Posted by KC native View Post
Why shouldn't it have taken this long? I'd like to see your well versed opinion here as well.
Quote:
Neil Barofsky, the former Special Inspector General for TARP, writes that it was clear by late 2009 that the signature effort to boost the housing market, a mortgage modification plan called HAMP with $50 billion in available funding, would be a failure. Yet the administration has neither fully abandoned the effort nor tried to do it the right way. Only this past month, a similar plan to offer debt relief to homeowners through Fannie Mae and Freddie Mac was rebuffed by an independent regulator. For those who are counting, that’s three-plus years of uncertainty about the assistance that would be given to homeowners. As Barofsky writes,

It may be a fair debate whether we should have gone with the “all in” approach that I and others have advocated or the “do nothing and let the market find its natural bottom” approach advocated by many conservatives. There should, though, be little question that the chosen policy – a “foam the runway” approach that assisted the banks and only a fraction of the homeowners that could have benefited – has been a failure and has left us stuck in economic mediocrity.

Nor are homeowner assistance efforts the only source of uncertainty in the housing sector. E21’s Christopher Papagianis argues that “there is perhaps no other major industry that faces more micro-policy uncertainty than housing today,” because of pending regulations regarding servicing and underwriting.
bam. but please... tell everyone here how you know more then Barofsky.
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