This is a letter back concerning Mr. Charles Samek letter to the editor about my article of Feb. 10, 2017.
I do appreciate constructive criticism and am always learning and improving my writing from comments made by my readers.
I read my article several times and I will agree that there was a bit of divergence into several topics in and around the point of making it too easy to attain a mortgage.
However, my point was that if Trump and his decision makers head in the direction of lessening or eliminating the current rules of the Dodd-Frank Law, could another potential bank failure occur?
I surely believe so, because no documentation loans, which were one of the main reasons of the almost cataclysmic bank failure in 2008.
Wall Street packaged a large amount of subprime loans, with the prime loans and sold them off in the stock market as collaterized debt obligations to other foreign banks Iceland was one of the pawns in our game of deception, that almost caused the country to go bankrupt.
Obviously, I have a lot to say about many crucial and critical matters concerning real estate.
However, most of the information was about credit and its availability, which directly affected our real estate environment.
I have done some research and you can go to the following link to see how our financial markets were to blame for a lot more than just the U.S. systems great failure, but many other countries difficulties, especially Iceland.
As far as our infrastructure, I can appreciate that you were able to drive 7,000-plus miles through our interstates at 70 miles per hour and felt that our roads and bridges were fine.
But, you need to understand that is a small miniscule amount of area compared to the current and approximate (2016) 47,575 miles of interstate highways and 4.12 million miles of navigable roadways across our 50 states.
There is a lot more than meets the eye and your journey to ascertain and make a statement that our highway system is up to date and in fine condition, is not accurate!
There have been critical failures of bridges throughout the U.S.
An Associated Press review of national bridge records found more than 800 bridges that are known as “structurally deficient” and “fracture critical” highway bridges.
A combination of red flags that experts say is particularly problematic.
I will be more careful going into the future to stay on point in my articles about real estate.
But, as you can see, I fact checked my information, that you can read for yourself.
Lastly, there was a $478 billion bill in March of 2016 that unfortunately was defeated by the Republicans, that would have began the rebuilding of our roads, bridges and tunnels that are continuing to crumble and in disrepair.
More important, this bill would have added millions of higher paying jobs to repair our infrastructure over the next four years.
These types of jobs would potentially allow many to purchase a home, condo, co-op or homeowner association.
Phil Racies
Great Neck
