Letters to the Editor

Re: 'The housing market: How bad will it get?' (July 23)

Dear Editor:

Again, here come the stories and the "experts" to tell us what every practitioner with two grams of brain knows. Same old junk and finger-pointing now is the subprime market and the easy credit and so forth and so on. Horse feathers, folks. It is very simply the market outpricing itself. Period.

Buyers, for whatever reason (the experts can find out why), have decided that they are not willing to pay these prices for buying the dumps that were available the last two years. No matter how desirable ownership of property is, there is a top of return of invested dollar. The return was based on hype; see the number of foreclosures. If there were equity and appreciation these poor folks would sell the houses at a profit.

Chris Eliopoulos
Metropolitan R.E.S.
Beverly Hills, Calif.

Re: 'Wells Fargo stops making 2/28 ARM loans' (July 24)

Dear Editor:

If this loan was designed for astute investors who expected to refinance, why must Wells discontinue the program? I do not understand the logic behind retreating just because due diligence is lacking in the loan application process. Beef up the standards and support the product, or is something else at work here? I blogged about this here.

Andy Miofsky
Bankruptcy lawyer
Granite City, Ill.

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