mericans overwhelmingly dollars in additional taxes to
believe the U.S. Congress bail out the savings and loans in
should not bail out the the 1990's when the U.S. Savings
nation’s financial markets from and Loan Fraud scandal occurred,
the subprime loan crisis, which which was the largest white
is spreading into the collar scandal in the nation’s
conventional mortgage markets, history. It cost every man, woman
according to a new poll conducted and child an estimated $10,000 at
by Housing Predictor. the time.
The online survey overwhelmingly Foreclosures are at near record
showed respondents do not want levels in many real estate
the government to get involved in markets throughout the nation as
the hedge fund debacle, which is a result of the subprime crisis.
reported to run into billions of Investment hedge funds provided
dollars in losses for investors, funding for mortgages to
Wall Street investment houses and borrowers with damaged credit,
home owners under going making them at a higher risk for
foreclosure. foreclosure. As interest rates
adjusted on many mortgages an
Eighty-one percent said they did increasing number of subprime
not want the government to bail borrowers either could not afford
out investment houses or get higher payments or were
involved in the crisis. Only 19 discouraged enough to walk from
percent said they wanted Congress their mortgages all together due
to bail the hedge funds out of to a slow down in the housing
trouble. The online survey was market.
conducted over a 30 day period.
The subprime crisis was mainly
U.S. tax payers paid billions of contained to lower and middle
class neighborhoods in urban to obtain mortgages through the
centers, not affecting a larger subprime market.
majority of the nation’s real
estate markets, but a Housing Housing Predictor regularly
Predictor study in April showed surveys visitors on real estate
the crisis had crept into related issues through its
conventional lending markets. Predictor Poll on the web site,
However, second home and vacation which forecasts more than 250
markets are immune from the local housing markets in all 50
crisis, and purchasers of higher U.S. states.
priced real estate rarely attempt
About the Author:
Mike Colpitts is the Editor of Housing Predictor. Take the latest Predictor Poll online, check housing market forecasts and search real estate listings at http://www.housingpredictor.com
Read more articles by:
Mike Colpitts
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