03 Oct 08 Bryan’s Comments about the $700B Bailout Plan.
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Unless the $700B Paulson bailout plan addresses the stamped of foreclosures that are deteriorating real estate values across the country, this plan is doomed to fail. What is the value of what this $700B is going to buy anyway? For example, are we talking about buying a $600k mortgage that is close to default? In Miami, this could mean up to a 50% decrease in value. At Blue Condo, 2-beds that sold for $600k in 2005 are now available for $300k. This is huge mess! The cost of this is going to be staggering and it will be decades before this is paid off. I wish something this big would have to pass some measure or test before passing. Is a rush to judgement wise?
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