In old english folklore, the treatment for a bite from a rabid dog was to make a potion of the dog's hair and apply it to the wound.
In later times "Hair O' The Dog" came to mean treating a hangover by ingesting a little more alcohol. Morning After Bloody Marys all round!
I'm thinking what the nation's housing market needs right now is a little "Hair O' The Dog."
Meaning: Zero down payment loans and relaxed credit requirements got us into this fix.
I'm thinking we need some a housing bill providing some zero down payment loans with relaxed credit standards to get us back out.
Your suggestion is as good as anyone's. It seems to be getting a little bit hairy out there now...
I agree it might help if the buyer is viable and right now the problem is not the loans but the buyers resistance to buy for fear of losing their job.
CJ,
At least they should allow zero down for high-FICO stated loans. These are people who can manage their money, and have a proven track record.
Mike in Tucson
Cj Great idea, unfortunately the problem is consumer confidence now, people are afraid in every profession and no one is spending, you name it: Restaurants, Travel, Automobile, and ofcourse Real Estate. IF the media started truly being concerned they would pump up good news vs doom and gloom. Contrary to popular belief good news would still attract an audience
CJ - i agree that we need some relief by the lenders. I like Mike's comment of allowing the higher FICO scores to be able to get zero down. I believe that would provide a little relief.