Think before buying home in today’s market

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Another phrase has been added to the real estate lexicon: "mortgage meltdown." Many of us used to call some of the practices that led to the meltdown "predatory lending." But because most of the people who were preyed upon were poor, uneducated and often minorities, our national leaders largely ignored the problem. We kept hearing that no one really could define the concept of "predatory." But now that millions of Americans are facing foreclosure, governments at all levels are trying to find solutions. Recently, President Bush announced that his administration has brokered a deal with the mortgage industry whereby certain loans would be frozen for up to five years. Certain adjustable-rate mortgages that were originated between Jan. 1, 2005, and July 30, 2007 -- and were scheduled to be increased between Jan. 1, 2008, and July 31, 2010 -- would remain at the original rate. According to Bush, the government "should not bail out lenders, real estate speculators or those who ma...