MikeS1952 Wrote:
Aug 29, 2013 11:16 AM
And now the depressed housing market will be depressed substantially more. If the money advanced by the bank for home purchases is not "secured" by the property but subject to the whims of local or state governments, there is little chance that the banks will make any loans in that area. So the price of a home will fall to the level that the "new" homeowner can pay out of pocket at the time of the purchase. Say goodbye to any equity and home ownership to any one except those with several hundred thousand dollars in pocket. (Probably create an inadvertent run on the banks too. Those losses might make the banks a bit unstable.)