PropertyValues.us.org is very happy that the housing market is on the rebound. This means that people are buying homes again, and banks are willing to lend. This is why PropertyValues.us.org is seeing rising values in our reports for the first time ever.
But, we are also happy to hear that President Obama is talking about regulating the mortgage industry. At PropertyValues.us.org, we hope he puts some reasonable regulations in place to make sure that a burst housing bubble does not happen again.
First off, banks should be required to make sure that people can reasonably afford a home. Far too many foreclosures were caused by banks making loans to people that were doomed to failure.
But even more important than that, banks need to offer people reasonable mortgages. Balloon mortgages, where payments suddenly skyrocket, nearly always lead to default. Interest-only mortgages give homeowners no equity in their home. And mortgages tied to current interest rates are no different than gambling.
Instead, there should be regulations giving homeowners a permanent mortgage rate that delivers them equity in their homes. Doing so would go a long way towards stabilizing the housing market for the long term – and making sure we don’t have to bail out the banks again.
At PropertyValues.us.org, we hope that these common-sense regulatory actions will not only be put into place, but also enforced. It will protect people, and it will protect our nation.
PropertyValues.us.org was created to give people access to public records concerning the potential value of real estate. It offers consumers an independent source of real estate-related information from a constantly updated database. Visit PropertyValues.us.org to chat with a live representative, call 1-866-605-0308, or email Manager@PropertyValues.us.org with any questions or concerns.
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