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The critics already helped plan the California officials are -- -- it it's so we're united as they're looking into using.
Eminent domain to -- underwater mortgages.
Okay but the goal is to reduce their mortgage balance to -- below the value of the home.
So people who are under water on those mortgages stay in those homes.
Real estate expert Katrina camp that says these guys have got to be out of their minds and you say that -- they don't want.
Another band -- -- since when did become that the government's job.
To extract of the consequences of someone's.
Own financial decisions isn't about honor when you sign a mortgage document you're making a commitment.
What ever happened to people making commitments and then backing up their word.
Not to mention that this -- such a bad example.
Sued the banks because first thought I have an inherent risk to begin with when they're loaning you money -- -- you'll -- -- loan and they foreclose on their home.
But they're -- now sending prospect at risk into the market which is a city may come in and it takes someone's home slashed the value.
And the bank will suffer as well not to mention that there's also the secondary market.
Which is gonna suffer as a result of this I just think that this is another -- takes -- nearly unite and discussing his three years we just need to get back to the -- the issue and I think government needs to stay.
Out of this especially the local governments -- the constitutional -- might.
And I'll know I think you're on this on their Katrina because I think there's another wrinkle here and that is.
Those who might be underwater in their homes voter dutifully paying their mortgages and they see the guy next sort of them.
Gets eminent domain out of his responsibilities.
And he's still stuck with -- -- so so.
It can be a very sort of reverse -- windy and tight market where those who are trying and doing the right thing.
Get penalized for trying and doing -- right.
-- Exactly and I think again it goes back to just doing what's right letting the free market take care of itself.
And again as I mention I think it is also a moral issue and it's all about honor and having people but.
You -- ten point here's this he would have edited out of on this craziness because I do see where your coming room.
And -- aware it was a moral and on it would banks rusting these mortgages on his people I argued there are no victim absolutely let's stop the victim the probably but.
They're gonna say the banks have an obligation to do this because.
Today who were a sort of a co conspirator in this and they have to pay for that -- I mean I really innocent the -- of the vicious cycle.
And I think -- we go back to with the way our country was founded and what made our country great that so many of these issues that they would get results and again all these quick fix is.
And all these government sent subsidizes programs are just creating more of an issue.
And so I just think we need to get back to the free market and get back to letting -- -- man.
Create you know the.
Are we I mean I -- in your neck of the woods that's South Florida area I mean we're seeing that a lot of inventories being worked off there and it looks promising.
Different stories in different parts of the country housing data that's kind of still all over the map.
What is your sense of where this whole housing mess stands right now.
I think overall housing market is doing better -- -- markets that are doing better than others.
For instance as you mentioned South Florida is doing great New York is doing great as it always does great Arizona is doing well -- and in addition.
So every market is doing is doing.
You -- better as a whole I think the luxury market as a whole is is definitely doing better then then the middle scale market if you will but I think if we give time time.
Things will recover again we've been discussing this for a long time -- us and -- and slowly but surely we'll see as the economy continues to improve we'll see the housing market and prove.
I've seen I've seen and great up you know -- upgrade and in the housing market and things move forward so.
Our hope springs eternal Katrina it's always great having thank you very much Jones thank you for having me.
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