tag:blogger.com,1999:blog-12801945.post6443577804077000191..comments2007-10-09T07:57:28.224-07:00jessefelderhttp://www.blogger.com/profile/05793243991628796940jessefelder@gmail.comBlogger2125tag:blogger.com,1999:blog-12801945.post-17208596841318162172007-10-09T07:57:00.000-07:002007-10-09T07:57:00.000-07:00It is always interesting to hear people ask the Fed to bail people out. This is not the Fed's job and actually compounds the problem by contributing to moral hazard. What's wrong with letting people take responsibility for their mistakes and feel the consequences of their stupidity/greed (whichever be the case)?jessefelderhttp://www.blogger.com/profile/05793243991628796940noreply@blogger.comtag:blogger.com,1999:blog-12801945.post-24751622747660302082007-10-09T07:32:00.000-07:002007-10-09T07:32:00.000-07:00I work for CurrentForeclosures.com a <A HREF="http://www.CurrentForeclosures.com" REL="nofollow">foreclosures</A> site, and our company has been aware of the impending foreclosure issues for months. In my opinon the contributers to the failing real estate market are subprime mortgages and ARM's that are causing homeowners that should not have qualified for a home loan in the first place to face foreclosure, the depreciation in housing prices (especially as foreclosures flood the market!) and the fact that so many are unable to sell their homes. More and more research shows that the housing market will not recover until at least next year, and it will most likely take years to get us back to where we were before the bottom fell out. The Fed interest rate cut helped some, but if they truly want to help struggling homeowners they need to make further cuts and write legislation that prevents borrowers from being taken advantage of by shady lenders.Trenthttp://www.blogger.com/profile/03488123104899975160noreply@blogger.com