Well, the first bit of fall out has occurred. A client who was a government employee has decided to delay for a bit. Although promised that he would be paid, no paycheck is yet forthcoming from the powers-that-be. And, I understand and support his decision. Lenders are going to be leery about loaning, not only to government employees, contractors, etc, but also, I fear, they may require more and more stringent hoops for borrowers to jump through, AND for the homes to qualify for the loans. I expect that greater amounts down will be the next step, or greater reserves for a loan. If it hits the wall Thursday, then I expect the worst. Hold onto your hats, folks. It may be a rough ride.
Now, I am weirdly optimistic about our country. I think our forefathers created one of the very best systems of government in the world, a government in which it is difficult for power to get concentrated into any one person or groups hands, and one in which the iron fist of tyranny rule <of either the majority or minority> is softenened by taking time to get implemented, funded, and still can be challenged before the courts. But, the rules have been changed, and, now, the minority (and don't fool yourself, it IS a minority, and a fairly small, if vociferous and extremely well funded one.) is holding the government hostage until it has its way. As mature a reaction as a 2 year old not wanting to eat his vegetables.
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