Comments on: Senate Majority Leader Harry Reid Responds to BiggerPockets Article About National GO Zone http://www.biggerpockets.com/renewsblog/2009/02/12/senate-majority-leader-harry-reid-responds-biggerpockets-article-national-zone/ Learn, Network, Invest Sun, 22 Nov 2009 10:53:57 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: Chris http://www.biggerpockets.com/renewsblog/2009/02/12/senate-majority-leader-harry-reid-responds-biggerpockets-article-national-zone/comment-page-1/#comment-63910 Chris Tue, 17 Feb 2009 03:23:14 +0000 http://www.biggerpockets.com/renewsblog/?p=4078#comment-63910 Many thanks for the article. I run a small business and i cringe everytime i turn on the news. Many thanks for the article. I run a small business and i cringe everytime i turn on the news.

]]> By: Esko http://www.biggerpockets.com/renewsblog/2009/02/12/senate-majority-leader-harry-reid-responds-biggerpockets-article-national-zone/comment-page-1/#comment-63877 Esko Mon, 16 Feb 2009 04:12:16 +0000 http://www.biggerpockets.com/renewsblog/?p=4078#comment-63877 Joshua, Great to see that Senator Reid is on top of this mortgage and real estate mess, and the entire economy for that matter. Being from Las Vegas and Searchlight he must know very intimately how the slumping housing market can affect a local economy. Whenever he comes back here, to Las Vegas, NV, he probably gets an earful about it, and then some. Joshua,

Great to see that Senator Reid is on top of this mortgage and real estate mess, and the entire economy for that matter. Being from Las Vegas and Searchlight he must know very intimately how the slumping housing market can affect a local economy. Whenever he comes back here, to Las Vegas, NV, he probably gets an earful about it, and then some.

]]> By: Dave Francis http://www.biggerpockets.com/renewsblog/2009/02/12/senate-majority-leader-harry-reid-responds-biggerpockets-article-national-zone/comment-page-1/#comment-63843 Dave Francis Sat, 14 Feb 2009 20:48:04 +0000 http://www.biggerpockets.com/renewsblog/?p=4078#comment-63843 Congrats Richard. Its great to see that the big-whigs out there are reading the site. If only they'd listen to some of the great ideas here, maybe we wouldn't be in as big a mess? Congrats Richard. Its great to see that the big-whigs out there are reading the site. If only they’d listen to some of the great ideas here, maybe we wouldn’t be in as big a mess?

]]> By: Brian Gibbons http://www.biggerpockets.com/renewsblog/2009/02/12/senate-majority-leader-harry-reid-responds-biggerpockets-article-national-zone/comment-page-1/#comment-63794 Brian Gibbons Thu, 12 Feb 2009 23:05:18 +0000 http://www.biggerpockets.com/renewsblog/?p=4078#comment-63794 I have been an Entrepreneur ever since I got out of the US Marines in 1986. US Entrepreneurs will hire new employees when the 2 million or so get "downsized" over the next 12 months. Trouble is, many US employees are difficult for small business owners as they want alot for a little. But there are great ones too. If Congress and the Senate could do just one thing: RE-WRITE ALL CURRENT MORTGAGES WITH NEW CURRENT APPRAISALS, FIXED RATE say at 5% 30 years. If , after the mortgage is re written, and you have trouble paying that PITI, then contact a local Real Estate Investor to buy it sub2, and then market the house on seller financing. It is time to rent and not own, at least right now. IMHO, the ARMs caused this fiscal mess more than anything else. If the ARMs for residential "owner occupied" borrowers did not exist, this problem would be a lot smaller. The "teaser" rate is an analogy with the credit card's 6% teaser rate, then jumping to 21% in 6 months. Its just stupid. As a REI for the last 25 years, I have taken out 2 - 5 yr "n.o.o." interest only because I need that kind of investment grade financing. I know what am doing. And I've never had a foreclosure or a bankruptcy. Heck, I've been late on a Private 1st Mortgage Note. But I've lived simply and had cash reserves. Rich, you got my vote for Finance Committee Senator! Hope to see you in Wash DC! Brian I have been an Entrepreneur ever since I got out of the US Marines in 1986. US Entrepreneurs will hire new employees when the 2 million or so get “downsized” over the next 12 months. Trouble is, many US employees are difficult for small business owners as they want alot for a little. But there are great ones too.

If Congress and the Senate could do just one thing: RE-WRITE ALL CURRENT MORTGAGES WITH NEW CURRENT APPRAISALS, FIXED RATE say at 5% 30 years.

If , after the mortgage is re written, and you have trouble paying that PITI, then contact a local Real Estate Investor to buy it sub2, and then market the house on seller financing. It is time to rent and not own, at least right now.

IMHO, the ARMs caused this fiscal mess more than anything else. If the ARMs for residential “owner occupied” borrowers did not exist, this problem would be a lot smaller. The “teaser” rate is an analogy with the credit card’s 6% teaser rate, then jumping to 21% in 6 months. Its just stupid.

As a REI for the last 25 years, I have taken out 2 – 5 yr “n.o.o.” interest only because I need that kind of investment grade financing. I know what am doing.

And I’ve never had a foreclosure or a bankruptcy. Heck, I’ve been late on a Private 1st Mortgage Note. But I’ve lived simply and had cash reserves.

Rich, you got my vote for Finance Committee Senator! Hope to see you in Wash DC!

Brian

]]> By: John Gullickson http://www.biggerpockets.com/renewsblog/2009/02/12/senate-majority-leader-harry-reid-responds-biggerpockets-article-national-zone/comment-page-1/#comment-63792 John Gullickson Thu, 12 Feb 2009 21:55:15 +0000 http://www.biggerpockets.com/renewsblog/?p=4078#comment-63792 Keep up the great work Rich! It has to be very gratifying to see your suggestions and comments being read and getting the attention of the real movers and shakers in this country. Whats next, a meeting with the president? :) Again keep up the great work and looking forward to your next article! Keep up the great work Rich! It has to be very gratifying to see your suggestions and comments being read and getting the attention of the real movers and shakers in this country. Whats next, a meeting with the president? :) Again keep up the great work and looking forward to your next article!

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