So, the federal government can either help many homeowners keep their homes or let the free market reign.

If the government steps in, they risk prolonging the inevitable – maybe a lot of the people facing foreclosure now will still end up losing their homes, even if they get out of their current loans into new loans (don’t forget, many people who go into foreclosure do so not because they can’t afford their homes because their interest rates reset, they go into foreclosure because they can’t afford their payments, now, either because they over-extended, or because they lose their jobs, get sick, etc.)

However, if they don’t step in, they risk letting the economy fall into a deep recession (which, of course, could happen regardless of which course of action they choose).

We’ll see what happens.

No matter what, some people are gonna get hurt.

And some people are gonna be mad.

From today’s Herald:

As more states and cities struggle to find the money to bail out homeowners caught up in the housing downturn, some Americans are wondering why government should be rewarding people for their greed or irresponsibility.

Some, like Thomas Roach of Sarasota, Fla., are even actively campaigning against a bailout for people who, using easy credit and exotic mortgages, bought more home than they could afford on a bet to make easy profits from rising real estate prices.

Even before President Bush put forth his proposals to help troubled homeowners last month, Roach, a 30-year-old information technology specialist for a financial firm, had posted an online petition called “Tax Payers Against a Wall Street and Mortgage Bailout”. It has collected nearly 3,800 signatures in two weeks.

“What the government doesn’t realize is that these people knew what they were getting into. They just thought that these housing prices were going to keep going up and up,” said Roach. “A bailout sets such a bad precedent. You’re encouraging bad behavior.”

More: Government steps up to help borrowers, but not without controversy – Associated Press, by way of The Boston Herald

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Updated: 1st Quarter 2018

Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

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