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September 10th, 2008 2:33 PM by David W. Welch
Everybody else has been blogging about the government takeover of Fannie and Freddie, so I might as well weigh in on the topic too. I don't generally care for government take overs, because they generally overstep their bounds and overstay their welcome. In the case of Freddie and Fannie, they are already quasi regulatory agencies. In this particular case, I believe the short run benefit of re-establishing confidence in the secondary mortgage market is worth the risks of too much government intervention. In addition to the takeover, I for one appreciate Secretary Paulson's fairly positive characterization of the situation. What I would really like to hear is more of our officials offering their encouragement.
I honestly believe there are people waiting to puchase a home, because they are looking for someone to say it will be OK. As a real estate salesperson, of course I am going to say it is OK. That is my job. There are plenty of economists and journalists raising doubts about the real estate and mortgage markets. Economists strike me as pessimists by and large, and of course the media addage "if it bleeds, it leads" applies to the real estate and mortgage markets. So, if any of our public officials read this, how about a positive word on the news tonight. We don't generally trust our politicians, but we do pay attention to what they say. Once every four years or so, we even believe them.
www.DavidWelch.com, Orlando Real Estate Blog
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