Government suspends property-flipping rule - Jun. 13, 2008
I am not a big fan of government control - and here is a perfect example. Legislation was introduced to 'restrict' flipping [a symptom of the fraud occurring in the mortgage markets]. Now the government realizes that it "needs" flipping to liquidate mounting foreclosures.
If I am adding value, then flipping is legit. If I am just inflating prices and paying an appraiser to bring the value in - that's fraud - and legislating "flipping" will never be able to legislate morality.
I am not a big fan of government control - and here is a perfect example. Legislation was introduced to 'restrict' flipping [a symptom of the fraud occurring in the mortgage markets]. Now the government realizes that it "needs" flipping to liquidate mounting foreclosures.
If I am adding value, then flipping is legit. If I am just inflating prices and paying an appraiser to bring the value in - that's fraud - and legislating "flipping" will never be able to legislate morality.
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