Skip to main content

  • Comment Detail

  • Date: 05/08/24
    First Name: Michael
    Last Name: Tullis
    Organization: Garrett State Bank
    City: Garrett
    State: N/A
    Attachment: N/A
    Number: 2024-N-5

  • Comment

    As being a banker that makes second mortgages in the communities we serve, local banks have a better awareness of the needs in our local area. If the government would back these second mortgages, I believe this would be a risky asset for the taxpayer to guarantee. I am sure the government will use an automated appraisal service or tax records to see the inflated values without actually completing an in-person view of the property, which is always better to result in less losses for the banks/taxpayers. Looking from 1,000 miles away at just what Google images are is not a true value of what the property looks like today. If you look at what created the Housing fiasco in 2008 - 2010 it was that everyone should own a home and I believe that everyone should not have access to the equity, unless they are a well qualified individual. This sounds like another mortgage meltdown and losses to the tax payer. Allow local community banks and credit unions to do what they do best and service their communities and not package up a bunch of trash that the taxpayer will be left holding the bag with losses over the next 5 to 10 years.