Obviously with so much bad stuff happening (home foreclosures, people struggling with debt, the downturn of the economy), there are going to be some big changes made, especially in the mortgage industry. After all, when something breaks, you fix it, right? I’m hoping that we’ll see a major rehabilitation of mortgages in general, to such an extent that the problems we’re facing today don’t get a chance to happen ever again.
It makes me think back to the Stock Market Crash. Before it happened, no one would believe (or had any reason to even imagine) that it was possible. Afterwards, we set up a system that should prevent any major market upsets in the future. I’m figuring that banks and other institutions will probably do the same, to prevent another widespread foreclosure crisis.
I think part of the problem was that companies were taking advantage of people, and that ended up causing a massive chain reaction. I’ll bet with all the rate cuts and the continuous revamping, First Time Buyer Mortgages are probably going to look better and better. Not like before, when they’d hook you with a low interest rate, and then jack it up a ways down the line. Hopefully they’ll make things honest and fair, and keep them that way. But you never know, greed could always reassert itself, even after an industry-wide cleanup.If you enjoyed this post, I'd be delighted to have you as a subscriber to my RSS feed.