American Home Owners Blame Mortgage Companies
An over-whelming majority of home owners blame the falling U.S. real estate market on mortgage companies and other lenders, according to a new opinion poll just released by Housing Predictor.
The online survey indicates the majority of Americans blame mortgage companies for artificially inflating the housing market by developing new and creative financing schemes and loose lending practices.
Housing Predictor regularly surveys visitors on real estate related issues and provides forecasts for more than 250 local housing markets in all 50 U.S. states. The web site is regularly consulted by major U.S. mortgage companies, Wall Street investment bankers, real estate professionals and consumers for its insightful forecasts and real estate news.
Housing Predictor has successfully forecast the major reductions in the Federal Reserve’s prime lending rate and expects further cuts to be made over the next year to help alleviate the pain in the real estate market.
Mortgage companies traded mortgages on Wall Street like commodities and were the final link in the chain that started with mortgage brokers and lending institutions making loans to just about anybody to make a buck. A series of lawsuits are underway against major mortgage companies, banks and Wall Street investment firms tied to the loose lending practices.
With the supply of money in abundance, America was on a borrowing binge to buy their piece of the American dream until the funds used to fill the mortgages dried up on Wall Street, where mortgage houses traded paper mortgages in a fast frenzied pace.
What started with a dip in the housing market from the subprime lending turmoil has now spread into the conventional and secondary lending markets, and has resulted in causing home markets to collapse in most areas of the nation. The crisis is expected to take years to over come and may send the overall U.S. economy into it’s worst recession in years.
To see the details on the Housing Predictor opinion poll, local home forecasts and to search for real estate visit http://www.housingpredictor.com
(ArticlesBase SC #251409)
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