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The Greek-American and Our Mortgage Markets
As a Greek-American I have being watching the financial crisis and the upheaval it is creating in Greece with what I think is a different perspective than many other Americans. I want to share a perspective on what another Greek-American is dealing with and how his actions affect our mortgage market.
Mortgage That Matters - vol 4 2010
IT’S AMERICA’S TIME TO SHINE
If you’ve been noticing the headlines recently, you’ve seen that some European countries are going through extremely difficult economics problems. The headlines you’ve probably seen the most have been about Greece. Their government spending was way out of whack, and their economy is paying the price.
Believe
BELIEVE
If there’s one thing I’ve seen over and over again, it’s the cycle where housing soars, corrects, and then soars again.
At its low periods, like today, many, many people think real estate values will never come back. And certainly they’ll never go up again like they did in the past.
I don’t know about other parts of the country, but this is California where the American Dream thrives. I am eternally optimistic about California housing values, and most optimistic about values in the Bay Area.
So, I’ve collected some quotes from the past where people say real estate is dead. Reading them might allay some peoples’ concerns and put things into perspective. Enjoy:
A MORTGAGE IS NOT A COMMODITY
From time to time I hear people saying that the mortgage loan officer is a dinosaur. The reasoning is that a mortgage is commodity, that every mortgage has the same criteria, and that they are, therefore, mere commodities.
Happy New Year from the US Government
When I first got in the Business in 1981 I met someone wearing a little button on his lapel with these letters, EGBAR. He told me it stood for “Everything’s Going to Be All Right”. At the time interest rates were 18.5 % and 4 points... That’s how I feel about the government’s latest policy pronouncements about Fannie Mae and Freddie Mac.