Buying and Selling Houses With Government Protection

I recently bought two houses for cash.The total cost was six hundred thousand dollars. It was a great investment because the housing market was booming and I expected the value of my property to double in five years. I mortgaged them both to low income families with poor credit histories at the highest interest rates that were legally possible. Soon afterwards I sold my small home delivery business. Now all I had to do was sit back, relax and watch my bank account grow.

Bad luck destroyed the wisdom of my investments. The housing boom suddenly came to an end and the value of my houses were cut in half. On top of that the families that had the mortgages lost their jobs and deserted the property. Now I was stuck with two houses and a loss of over three hundred thousand dollars. With no income I was ready to commit suicide. But I heard that the government would bail me out by buying my houses for their original high cost—It would be a life saver for me.

The new proposal in front of congress would have the government buy those houses that have lost their former resale values. Happy property owners would be returned their money because of the high prices they paid in the housing market boom. The government would then take ownership until a new housing boom arrives. When housing prices return to their former value the government would sell the houses at an auction. It is a great idea and also a big gamble for them. Lets hope it works.

melpol



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