The article, Americans For Prosperity: “No Stimulus” Petition Circulated, on the HuffingtonPost, states that a conservative group named Americans For Prosperity started a petition against the stimulus package that was recently passed by the Senate.
In their protest, which garnered over 200,000 signatures, they stated, “Congress should not enact an expensive spending bill under the pretense of stimulus or recovery. No matter which amendments pass, the fundamental approach of dramatically increasing federal debt and spending is a mistake.”
All other portions of the stimulus package aside, if you own or are thinking about starting a foreclosure cleanup business, what does this stimulus package mean for you? Well, as with most things in Washington, it’s not clear.
Following are two points Secretary Geithner made in his financial stability plan speech as it relates to housing, foreclosures and restoring this part of the market.
Summarizing Secretary Geithner: What the Stimulus Package Means for the Foreclosure Market
Point 1: There will be a comprehensive housing program. What this means is that there will be a specific plan to address the housing crisis. The details of the plan were not outlined, but are said to be coming “in the next few weeks.”
Point 2: The specific focus of the housing program. What is it? What many Americans who are losing their homes are hoping for, a reduction in interest rates and/or loan modification.
In the secretary’s words according to the official press release statement from the press room of the U.S. Department of the Treasure [ie, Secretary Geithner Introduces Financial Stability Plan], “Our focus will be on using the full resources of the government to help bring down mortgage payments and to reduce mortgage interest rates.”
The government is flexing its muscle somewhat here, as it will rely on resources “authorized by the Congress under the Emergency Economic Stabilization Act.”
So, given these disparate points of view — basically spend our way out of this housing crisis, or don’t spend our way out of this housing crisis — where does that leave you as a foreclosure cleanup business owner, or potential foreclosure cleanup business owner?
Unfortunately, Foreclosures are Here to Stay — At Least for the Time Being
Unless and until Washington moves to force lenders to renegotiate bad loans, more foreclosures are coming down the pike.
What the average American gets that seems to elude Washington is that it is not banks that need bailouts — it’s homeowners. And, even though they [homeowners] are just as accountable for buying homes and getting into loans they couldn’t afford as the banks are for giving them the loans, why should they be the only ones to suffer?
If banks are getting bailouts to help them deal with all of these bad home loans on their books, shouldn’t the government be making the companies who are getting this bailout money work with homeowners to prevent foreclosures?
If the details forthcoming don’t address this one issue, foreclosure cleanup business owners will be, literally, cleaning out foreclosed properties for some time to come. Doing nothing won’t solve the problem. So, spend Senate spend — but do it wisely.
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business cleaning foreclosures, log on to Start-a-Foreclosure-Cleanup-Business.com for 200 pages of first-hand information from the owner of a leading foreclosure cleanup company in Atlanta, GA.