The Bail Out
First, let me say that I don't know whether we should have done this or not. Many highly placed and highly educated people told me and everyone else, that we did.
That said, the first thing out of the box, I here there were hundreds of Millions in Pork Barrel spending added to the bill!!!! To me, that is beyond comprehension. First we are told how dire the situation is, how we are on the verge of collapse, and then they add Pork to the Bail Out?! How can these people be trusted to be responsible with OUR money! It is all about getting elected. If there is any difference between the 2 current candidates for President, it is the physical responsibility of one of them and irresponsibility of the other.
Who ever added those amendments to this Bail Out Bill should have their names printed on the front page of every newspaper and web site in the US! If common sense won't stop them, maybe embarrassment would.
Now that I feel better and I'm through ranting, what will the Bail Out do for mortgages?
The underwriting process will take much longer, because if not done correctly, Banks will have to buy back the loans.
Interest rates will rise to a more historically normal rate of 7 to 10 % from the artificial current rates
Inflation will increase due to all the money in the system
Loans will still be made. THERE IS MONEY AVAILABLE
Use competent, Local, well capitallized lenders