Question: I am having problems refinancing a rental property because I own more the FNMA guidelines allow?? Is there some way around this?? Are there investors or mortgage companies that will do a refi for me? I think it is totally unfair that some bad apples screwed around during the eighties and all rules concerning lending have tightened. If they take away the mortgage deduction, there will be no incentive of any kind to buy real estate and free enterprise will be squashed. Sorry, I digressed slightly. Can anyone help? Thanks

Answer: …There were plenty of people in the eighties who made money totally legally in the eighties in real estate.

I agree.

…Maybe savings institutions should evaluate people on a case by case basis with some amount of government regulation.

That’s precisely what happens with portfolio lenders.

…As for real estate not being good for the general economy, I believe there would be a fair amount of real estate owners who would strongly disagree with that statement and what industry gene and builders rally leads our country out of recession.

I did not say that “real estate” was not good for the general economy. I said that “real estate speculation” was not especially valuable. What I call “speculation” is buying something (real estate, gold, stocks, whatever) as a gamble rather than as an investment based on economic projections. Of course, everyone’s free to do this. They should just not be surprised when values go down as well as up.

By the way, Sanjay, you still haven’t explained to us what exactly the difficulty is you’re having in refinancing. Is it that rents have gone down? That appraisals have gone down? That you own too many properties to be eligible for FNMA financing?

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