March 6th, 2009
The property rights problem
Buy Aricept Without Prescription, Bailing-out banks won't fix the US economy. We need to stabilise home prices and standardise the way we value property.
Have we analysed the roots of the current economic crisis or started at the middle, buy Aricept no prescription. Cheap Aricept, Is it really just the unregulated financial markets and over-liquidity, or have these factors compounded an already broken system, Aricept description. Buying Aricept online over the counter, How can we say our securities are "secure" when they are valued incorrectly, are now priced negatively and the bottoming-out point is unknown?
America got into the crisis initially because real estate – and thus the mortgages on it – was valued incorrectly, what is Aricept. Aricept dangers, No one knows the true worth of property in the US. In fact, there is often uncertainty about the actual physical boundaries, as well as other characteristics, of many properties – hence the entire antiquated industry of title insurance, Buy Aricept Without Prescription.
Think about when you buy a new or used car: no lender requires title insurance, buy Aricept online no prescription. Herbal Aricept, Why not. Because there's no doubt about the car's provenance and ownership, is Aricept safe. Purchase Aricept, US homeowners, though, online buy Aricept without a prescription, Where can i find Aricept online, are required to purchase this insurance to indemnify themselves against loss if the title is defective. Buy Aricept Without Prescription, Every time a house changes hands, there again are the surveyors out to check the property lines for the umpteenth time so title insurance can be written.
How, online buying Aricept, Order Aricept from United States pharmacy, then, did today's crisis unfold, my Aricept experience. Aricept photos, Incorrectly valued mortgages became speculative financial instruments for trading, which makes it possible to drive prices up or down seemingly without limit, Aricept without prescription. Cheap Aricept no rx, And, as they traded downwards, order Aricept no prescription, Rx free Aricept, they of course took the price of real estate down with them. Meanwhile, Aricept schedule, Aricept samples, lending banks went over, the precipice of insolvency because the liquidity on which they depend dried up, buy Aricept without prescription, Purchase Aricept online, all because their asset-backed securities have little or no value or even negative value.
Remember, a mortgage is called a "security" because it is secured with a tangible asset, Buy Aricept Without Prescription. But if its value isn't real, Aricept without a prescription, Buy Aricept without a prescription, it can't really be secure. That's the starting point for a toxic mix, Aricept wiki. Aricept blogs, Throw in excess liquidity (from 2000 to 2006) and housing demand, misvaluations and subprime mortgages to an already overstretched housing and real estate market, taking Aricept, Aricept images, and it begins to be deadly unstabilising. Price becomes dependent on speculation, Aricept from canada, Online buying Aricept hcl, rather than on the actual value of the home and land.
Giving money to the banks Buy Aricept Without Prescription, is not going to fix this problem. Home values will still be driven by speculation, Aricept pictures. Aricept dose, What we need are deep regulatory changes to the current system that can help establish a secure and true market value of land and real estate and will help stabilise prices for today and the future. That can happen only when the rights on property are recorded in a standardised, buy cheap Aricept, transparent and trustworthy manner. Anything short of this is an invitation for more speculation.
The antiquated US system is ridiculously wasteful and does little to provide the full protection of property rights, and title insurance is a poor substitute for the property rights system American property owners need and deserve, Buy Aricept Without Prescription. The title insurance process is, of course a moneymaking proposition, but that doesn't change the fact that it is a major culprit in the incorrect valuation of real estate that has brought America and the world to the current crisis. It also slows the transfer of deeds, adds to the expense and thus makes the property market less liquid.
It's no accident that the root of the crisis is in America. Other countries with sophisticated economies have reliable property rights systems that establish correct mortgage valuation. Buy Aricept Without Prescription, For example, there is rarely a question about the value of the underlying assets in Canada and Australia, two other countries where mortgages are traded as financial instruments. And the rest of the world hardly knows title insurance. In most countries, public registries keep records of property transfers over time and whether there have been other parties with interest (eg, laying claim to ownership) in a transparent and standardised manner. These registries have the final word, and if they make a genuine error there is a system of remediation.
One key to how things work beyond the US is the public nature of information about property. At the registry, part of that public information includes characteristics of real estate (legal, financial, boundaries, etc) that makes transparent the establishment of a price – that is, the property's value, Buy Aricept Without Prescription. There is very little room for speculators to drive the valuation process into the toilet.
As the US government shells out additional hundreds of billions in bank bail-out money, and whatever other hundreds of billions are to come, it needs to make sure some of it is spent on providing citizen property owners and markets with real security over their property – their full money's worth. It's time to stop America's wasteful and risky process. The first step: use some of the bail-out money to establish a regulatory infrastructure for real estate valuation in the form of a nationwide property registry system where titles are well established and transparent to everyone. Buy Aricept Without Prescription, If your sinks started to overflow and your pipes were bursting, you'd call a plumber. What if he showed up with towels, threw them on the floor to sop up the water and handed you a bill for $700bn. You'd be flabbergasted.
America needs to fix the plumbing, not just throw towels on the floor. That will take replacing some of the old pipes, like the non-transparent property rights registration process, with ones that will protect property rights at much lower costs today. The US government owes this to its citizens and to the rest of the world who are suffering downstream from the American crisis. Surely it makes sense to invest some of that bailout money to address one of the root problems that has brought all of us to the brink.
It's time for a structural reform of the system that secures rights on property and real estate – even in the least-secure neighbourhoods – and hence leads to correct valuation. Now is a great opportunity for the new president to make the "ownership society" into something more than a hollow phrase.
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March 6th, 2009
First 100 days: A fix for the housing crisisPristiq For Sale, In his speech to Congress, President Obama spoke of how the proper response to the economic crisis is not just a matter of immediate fixes, but also an opportunity to make investments that will serve the nation’s long-term interests. The same idea should govern the housing recovery plan, is Pristiq addictive. Pristiq natural, Otherwise, we get nothing more than a crutch when we need a cure.
As much as short-term help is needed to keep more people from foreclosure, where can i cheapest Pristiq online, Buy Pristiq from mexico, there is a big opportunity to get to the end of the crisis by starting at the beginning of the problem. The conventional wisdom is that subprime mortgages represent the beginning, order Pristiq from mexican pharmacy. Pristiq recreational, In fact, the beginning goes back much further, Pristiq from mexico. The current crisis stems from the absence of a system that provides stability to the value of properties in the United States, Pristiq For Sale. Pristiq street price, Instead, real estate “value” in the United States continues to be set through speculation, Pristiq from canadian pharmacy, Ordering Pristiq online, and that undermines the security – that is, the underlying asset – when mortgages are traded as part of complex financial instruments, discount Pristiq. Pristiq long term, We cannot ignore a simple truth of economics: if we are going to treat mortgages as securities, then they must be secured by the tangible asset: namely, Pristiq results, Get Pristiq, land and buildings. To do otherwise has proven to be a recipe for disaster, Pristiq dosage. Order Pristiq online overnight delivery no prescription, The opportunity before the U.S. Pristiq For Sale, government with a housing recovery plan is to set up a new system that will keep us from ever getting to this crisis point again. How, where can i buy Pristiq online. Purchase Pristiq online no prescription, The devil is in the details.
It’s no accident that other countries, Pristiq gel, ointment, cream, pill, spray, continuous-release, extended-release, Pristiq pharmacy, even those that trade mortgages as financial instruments (such as Australia and Canada) have avoided the levels of off-the-cuff valuation of property we’ve seen in the United States. The reason is that other countries have standardized the information needed to determine the genuine value of real estate and hence mortgage valuation, Pristiq treatment.
This information – actual boundaries, property transfers, claims, liens, and so on – is made available to everyone, Pristiq For Sale. Pristiq use, The system is sound and transparent. And where do they keep this information, Pristiq over the counter. Online Pristiq without a prescription, In national property registries, which maintain all the data, Pristiq class, Pristiq reviews, in a standardized format, that buyers and sellers need to undertake transactions related to real property, Pristiq pics. No prescription Pristiq online, The United States has a broken registry system, and instead of ever fixing it allowed a title insurance industry to arise as a substitute, Pristiq duration. Pristiq For Sale, Title insurance is non-transparent and (at best) inconsistently regulated, yet it is the main system through which information about property valuation flows. Effects of Pristiq, Plus, you have to pay for the information, Pristiq used for. Where can i order Pristiq without prescription, This leads to all sorts of problems, and fuels speculation, Pristiq overnight. Where to buy Pristiq, The Obama Administration’s housing recovery plan ought to look forward. Help people facing foreclosure today, after Pristiq, yes, but also establish a national, standardized property registry responsible for the collection of all titles and all information about characteristics of property. Even statewide registries would be a tremendous improvement, Pristiq For Sale.
The first step is to mandate an agency to gather whatever exists in state and local registries and title insurance companies around the country, no matter how inadequate, and centralize and standardize that information. Then, establish a mechanism for making this information available to all. Further, figure out how to fill in the missing information. Finally, create a system for the registry to provide remediation in the case of errors. Pristiq For Sale, It is critical that we correct how the value of real estate is established. By finally securing the asset, we can guarantee long-term price stability and rid the system of the speculation that has put us in this crisis. Let’s look at the current housing crisis as an opportunity to make this long-term fix.
This isn’t about setting property prices now and letting them remain static. Rather, it’s about letting a dynamic property market flourish in a way that protects Americans from having to bail out banks or themselves in the future.
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