Democrats to the rescue of the housing bubble?

[c1ue]

A couple of pictures as background on my question whether it is likely that the now Democrat-controlled Congress may try to pass legislation specifically aimed to prevent the housing bubble implosion.

The first is a map showing distribution of percentage of new/refinanced loans into 'non-traditional' types (i.e. ARM, neg-am, interest only, jumbo, or some combination)

The second is the infamous 2004 electoral college distribution.

Obviously the demographic is the urban/dense areas vs. rural, but is the relatively large percentage of 'nontraditional' loans also just coincidence?

There are of course exceptions: Florida...we do remember that situation? and Nevada in particular

What do you think?

[DemonD]

Re: Democrats to the rescue of the housing bubble?

remember it is republican appointed central bankers that spread the credit, and many of the big bankers and big money are tied to republicans and democrats alike... and hank paulson current treasury secretary is in bed with all the investment banks (formerly of goldman sachs).

IOW the dems and repubs, if they do anything likely will be doing it together.

[daisygrl]

Re: Democrats to the rescue of the housing bubble?

remember it is republican appointed central bankers that spread the credit, and many of the big bankers and big money are tied to republicans and democrats alike... and hank paulson current treasury secretary is in bed with all the investment banks (formerly of goldman sachs).

IOW the dems and repubs, if they do anything likely will be doing it together.

Happy to see Democrats do something about the housing bubble. I am applying for my mortgage loan next month and I hope the rates go down. Any suggestions on where to go for my home loan?

[metalman]

Re: Democrats to the rescue of the housing bubble?

Happy to see Democrats do something about the housing bubble. I am applying for my mortgage loan next month and I hope the rates go down. Any suggestions on where to go for my home loan?

this an ad for gmac mortgage? just visited the site. geez. you telling me a cheap mortgage is now 7.33% ??? holy shit. now wonder the housing market's tanking.

[zoog]

Re: Democrats to the rescue of the housing bubble?

you telling me a cheap mortgage is now 7.33% ???

Hm... according to bankrate.com, 30 year fixed is 6.29%, 5/1 ARM 5.91%. Didn't click the GMAC link, perhaps it was a HELOC? Bankrate says $30,000 HELOC rate is 7.33%. Also, a High LTV $30,000 HELOC rate is 8.24%, ouch.

[metalman]

Re: Democrats to the rescue of the housing bubble?

yer right. was looking at the heloc. still, these rates are a fair bit more than back when ol' greenie was pusing arms in early 2004.