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artemisdivine's avatar

Board of Governors of the Federal Reserve System - Mortgage Foreclosure Do You Care

Asked by artemisdivine (1092points) March 4th, 2008

so what is your opinion on all the madness in the housing world. the speech is good for understanding what is happening. but do you care?

Over the past year and a half, mortgage delinquencies have increased sharply, especially among riskier loans. This development has triggered a substantial and broad-based reassessment of risk in financial markets, and it has exacerbated the contraction in the housing sector. In my remarks today, I will discuss the causes of the distress in the mortgage sector and then turn to the key question of what can be done in this environment to reduce preventable foreclosures. http://www.federalreserve.gov/newsevents/speech/bernanke20080304a.htm
found via http://bigpicture.typepad.com/

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2 Answers

artemisdivine's avatar

i am a dumbass he he. i made the question and suddenly POOF the answer button grabbed my attention… please move along…

Zaku's avatar

I care, but I see it as just one part of an inhumane economy which favors for-profit corporations and wealthy investors, at the expense of people who aren’t focussed on wealth. The housing market is way out of control compared to what I wish it were like, as is the “credit market”, and mortgages is where they collide, and most people suffer, while corporations and rich investors profiteer, and occasionally get burned too. Meanwhile, many people are suckered into the fallacy of the “free market” and how it’ll all turn out for the best in the end. Looks to me like the “free market” naturally leads to profiteering by the haves at the expense and suffering of the have-nots, with housing prices too high for many people to afford, and people paying huge amounts of money on interest, or being denied the right to a place to live for themselves, because they’re not winning the game, while people justify it, resign themselves to ideas that tell them this is the best system we can come up with, and fail to see alternatives.

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