Digital Art Solutions Arizona
Art Fried Summarizes – It Could Have Been So Simple!
I keep reading more and more about the real estate/foreclosure problems that this country in general and Arizona in particular are experiencing. Everyone is running for cover and pointing fingers. Everyone has an excuse and there are no answers. I don’t know about you, the ones that are in fear of losing your home but all I seem to get out of this quagmire of hype is more questions and this huge sinking feeling.
There has been so much “noise” coming from the powers that be….the feds and the banks……that we all seem to have forgotten that the whole idea behind TARP….the $750 billion dollar federal program……was to help 4 million Americans stay in their homes. What a great concept. So what happened? Again cutting past the hype it basically fell on its face. My contention is that nobody asked the one simple question and that question was; what’s in it for the banks? The answer is really pretty simple, nothing! Bottom line, the banks can make more money foreclosing on a house then they can helping the suffering homeowner. I could go on and on about that but that is for another time…..I actually think that the solution was and could be so simple and that is what I want to talk about today.
From purely a real estate perspective, what has happened? Basically, the bottom fell out of a market that was fueled by “Creative Loans” and “Greed”! Home prices climbed and climbed out of control with no end in sight. Loans were granted to literally anybody who could fog a mirror or had a pulse with little or no money down and everyone was making money hand over fist. It got even worse as the economy surged and interest rates dropped. Refinancing your mortgage became a natural way to suck the money out of the artificially inflated value of your home and people went back to the well time and time again. AND then the bottom dropped out and that four walled ATM ran out of money. The economy turned, people lost jobs and income dropped. That big ATM machine ran out of money and people were stuck. They couldn’t cover their mortgage payment let alone many of their other bills and the dominos started to fall and the foreclosure “epidemic” was on.
Homes started losing value at double digit increments while those creative loans didn’t change. People started to panic and put a tremendous amount of heat on the government to do something and they did. The country breathed a collective sigh of relief when TARP was introduced. $750 billion to keep Americans in their homes. That sigh of relief turned into a moan when nothing was done. The loan modification was to be the savior and the banks, the ones who originally wrote those “creative loans” were charged with implementing this program and we all know the results.
The loan modifications that were done in reality did nothing but postpone the inevitable. Once again short term thinking came into play and some people got some monthly relief but in the long run would wind up paying the banks even more money then they would have in the first place. (I use the term banks here for ease in understanding. The banks are really only one link in the lending chain.) They never did address the real issue and that issue was that the market needed to correct itself which it has had to do periodically for decades. Real estate prices were artificially bloated and needed to come back in line. In reality the only thing that makes sense was to adjust the principle of the loan to come in line with the actual value of the home. Without doing that, everything is just a postponement of the inevitable.
Let’s play what if………what if the banks/lenders had used that $750 billion dollars in government bail out money to cover the banks as they readjusted loan principles to current market value. There actually were proposed formulas based on 90% or even 125% of current value and have the feds cover the difference. People could have stayed in their homes, paid their mortgages and the banks could avoid foreclosure and the market would’ve corrected itself in almost no time. That was way to simple of course so instead the loan modification process was introduced which called for a whole new approach and a whole new complicated set of documents and help centers and it put the banks, the ones who started this mess, in control with no reason or incentive to do anything about it. Is it just me or is there something drastically wrong with this picture? [Art Fried]
Urban Reconstruction and Modeling for Building Virtual Worlds
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