James Raymond Reese

Those of you who know me well know that I'm looking for more land in Texas. It just seems like a good time to take advantage of the low real estate prices.

Whenever I ask about the availability of mortgage money, I get the same few answers everywhere across the state. "The banks aren't lending." "Private investors aren't interested in real estate right now." "There's just no money out there." Over and over and over I heard the same things until a mortgage broker in Dallas told me the real story.` It is very true that no one is investing in mortgages...and for good reason.

It seems that Obama decided that mortgage investors are making to much money so he ordered a maximum percentage they could take of any deal.

That sounds good to the ignorant.

What really happened is the percentage he allows them to take isn't enough to cover the fixed costs associated with small mortgages. So they just won't even look at them.

So, now, when you find a great deal like the $175,000 house you can pick up for $60,000 in a short sale, you'd better have cash in your pocket because you're not going to get a mortgage.

Just another lesson in how to destroy the economy.

And now you know whom to thank.