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Greedy Desperate Realtors Crying Again

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January 17, 2008 – Comments (6)

They're a tad worried that the "stimulus" packages being mulled might not include a way to try and keep the air in overpriced housing, so they're ordering the politicians to raise the loan limits for Federally-mandated programs designed to provide affordable housing.

NAR has been calling on Congress and the administration to increase the loan limits for Fannie Mae and Freddie Mac from the current ceiling of $417,000 to $625,000. “This change will permit more families to enter the housing market by making more mortgages available with lower interest rates.

No, that change would be an affront to common sense and only serve to support ridiculous prices that need to fall. (And it would put taxpayers on the hook when these bigger loans went bad.)

I'll say it again: There isn't a more venal and disreputable trade group in the United States than the National Association of Realtors.

6 Comments – Post Your Own

#1) On January 18, 2008 at 1:01 AM, dwot (46.92) wrote:

I think the $417k is already on the high side...

It shouldn't be more than 3x the median US income... 

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#2) On January 18, 2008 at 1:28 AM, Imperial1964 (98.31) wrote:

I just saw a commercial on TV this evening by the NAR pumping housing as an investment, saying there is "no better time to buy" and it is the "key to long-term welath," etc.

You know an investment is bad when they have to take out TV ads to try to sell it.

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#3) On January 18, 2008 at 9:17 AM, TMFBent (99.82) wrote:

get the pitchforks and torches...

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#4) On January 18, 2008 at 11:59 AM, StKitt (29.87) wrote:

Hilarious reasoning!!

Consider the newlywed professional couple wishing to "enter the housing market" but who are thwarted because FNM and FRE are unable to loan them more than $417,000.

Every American has the God-given right to over-extend his/her capacity to pay back! Don't tread on me!!

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#5) On January 18, 2008 at 7:21 PM, QualityPicks (27.16) wrote:

I just don't get it. They tell us this is a great time to buy. That the reason houses are not selling is because the media is scarying buyers. Why do we need the limit raised then if affordability is not the issue? Are they admiting people can't pay today's lowered prices? Hmmm

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#6) On January 20, 2008 at 6:55 AM, abitare (88.86) wrote:

I keep thinking gold, silver, oil, commodities cannot continue up at this rate. But I am constantly surprised at the level of idiotcy involved at multiple levels of this debacle. I am so glad I have found like minded thinkers. I wish it had been under a better cirscumstance then a dollar and real estate implosion.

FYI - Democrat Budget Committee Member Doesn't Know the Difference between Treasury Secretary and Federal Reserve Chairman...Marcy Kaptur Federal Reserve Treasury economics

 

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