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More resources? the ones who are the wrongdoings or the ones what about the mortgage rework programs that themselves had to be reworked? did you see the numbers on those? did you see the numbers on those? what was supposed to really work and what didn t on the loan modifications, on the harp 2s, on the hamp program? start new. more money down. be able to afford what you got. if you re not a little out of money, you re taking a million dollar mortgage, you re an idiot, you re gullible. get back to tough lending standards so we don t get back in a crisis again. that was the hot part. ....
On your show. neil: now many people are saying we still need more mortgage rework programs. we still need more sort of housing backstops, and obviously what the federal reserve just did, buying treasury notes, they were getting concerned whether housing would tick up. they re concerned the economy is no good and probably right in that because if you look at real unemployment ex-you re at 18%. you re not at 7.3. you re at 18 and could be higher. so, they re right about that. the economy is actually very weak, and people don t really see it. the stock market is doing pretty well, and that s because many of these companies are making money outside of the united states. you look at these the big multinationals making money outside of the united states so their stock price is good, and i guess we re getting credit for that but we shouldn t be given credit. so, it s a real disaster. going on out there. neil: what happens to real estate? we have had this pick up. you and i chatted over ....
State of the union that he would initiate a task force on helping people who are underwater on the mortgage and we have seen stories recently, it has been 90 days and there has been nothing done on it. they have not put forward the name of anyone to run the task force so the administration is dropping the ball in a critical area because as we have discussed this will be a an issue if november. neil: i look at a lot of the housing plans, and i am wondering, now, whether americans are just saying stop. we have had various mortgage rework programs. we have had principle extension programs and the like. to little avail. maybe the better part of valor is to cease and deit is. maybe to cease and deitsist. guest: it would be more a political statement. the housing market is a mull dry faceted industry and it is unlikely the government can do ....
Foreclosure levels foreclosures have almost stopped in many states because it s actually. wait a second. foreclosures have almost stopped in many states because of the nationwide investigation into robo signing. and the problem is, charlie, that s a good point. here is the the problem, the government should you want, you want a quick and dirty, basically, a clearing of the market or you want a drip, drip, drip in the next ten years, what is worse. listen if, do you a quick and dirty clearing of market. 15 million people losing their homes, it s not going to be just quick and not going to be a little bit dirty, it s going to be a disaster. despite what the fed has said. what we re looking at. all i know, with the mortgage rework programs that we had. there have been four prominent ones. folks, default all over again, in other words, despite the rework, they re still knee deep in trouble and they re still not being helped and we still don t see much improvement. so, my argume ....
Buy the state of florida and worry about it in 2015. neil: what i like about this, it invites people who is not taken advantage of the mortgage rework programs and not by shrinking the principle or the overall mortgage, but being able to seize on a low rate environment and assure the bank giving you this new lower rate that you are a good bet to stay in the home as the foalings are because they are current. guest: they may be country but how do we know they did not stay current by running up their credit cards, or they have not just lost overtime and will not be able to pay going forward. at the love the people that went belly up on mortgages in 2007 and 2008 and 2009 were capable of meeting the first payment but their problem was meeting the 10th payment and on top of that you give away someone else s money, there are people that hold the mortgages, pension funds, individual investors and ....