Realty News

Just what we need, the real estate market is going to come increasing under the thumb of federal regulators and bureaucrats if the wishes of Chuck Schumer come true. With the rise in foreclosures he is announcing plans to create a forclosure bailout fund to “assist” homeowners at risk.

So the pattern will follow. The creation of a bureacracy that will administer the money and get it out too late to help the majority who need it. But in the meantime there will be new regulations and laws proposed to protect the borrowers raising the cost of the real estate transaction and create more overhead in an industry fighting to get leaner.

If Schumers plans come true, remember this post if you are a real estate professional. It will come back to haunt you.

The call for federal involvement from New York Democrat Charles Schumer, chairman of the Joint Economic Committee, came on the same day the National Association of Realtors forecast that the median price for existing homes will decline for the first time since 1968 as a sales slump worsens.

“We will be proposing significant amounts of dollars,” Schumer told reporters after being asked if a large federal bailout may be needed.

Across town, meanwhile, an activist nonprofit group from Boston called on Wall Street to help homeowners restructure their mortgage loans.

“We’ve heard one heartbreaking story after another of borrowers with limited incomes being sold mortgages they could not afford,” Sen. Sherrod Brown, D-Ohio, said at a briefing on Capitol Hill. via the Times Argus

Original post by Tom