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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: HR1727 House Bill Headed For The US Senate? Posted by CC in OC on May 31, 2009 at 0:47 AM In Reply to: Re: HR1727 House Bill Headed For The US Senate? posted by jpeter on May 30, 2009 at 7:09 PM During the Great Depression, most home mortgages were short-term (three to five years), no amortization, balloon instruments at loan-to-value (LTV) ratios below fifty to sixty percent. Refinancing was not available, and many borrowers, now unemployed, were unable to make mortgage payments. Consequently, many homes were foreclosed, causing the housing market to plummet. Banks collected the loan collateral (foreclosed homes) but the low property values resulted in a relative lack of assets. Because there was little faith in the backing of the U.S. government, few loans were issued and few new homes were purchased. In other words, there is no fail safe system, unless you think that Americans should pay all cash for homes. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : During the Great Depression, most home mortgages were short-term (three to five years), no amortization, balloon instruments at loan-to-value (LTV) ratios below fifty to sixty percent. Refinancing was not available, and many borrowers, now unemployed, were unable to make mortgage payments. Consequently, many homes were foreclosed, causing the housing market to plummet. Banks collected the loan collateral (foreclosed homes) but the low property values resulted in a relative lack of assets. Because there was little faith in the backing of the U.S. government, few loans were issued and few new homes were purchased. In other words, there is no fail safe system, unless you think that Americans should pay all cash for homes. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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