WooHoo!! May 1st!!!! Gambit!!!! AWESOME!!!!
Meanwhile, along with the super-sweet new promo image, AICN also received an e-mail from “Wolverine” star Jackman, stating, “I wanted to reach out and let you know that due to scheduling conflicts with certain cast members and location/weather considerations, we had to wait until now to shoot a couple of scenes.”
“Please rest assured that ‘Wolverine’ will be badass and hopefully meet all of your expectations,” continued Jackman. “I am stoked by the positive response to the teaser, which clearly reflects the tone and scope of the film. If you like that, we’ve got much more in store!”
Official Film Website: X-MenOrigins.com
Property of Marvel Comics
Housing Plan Address from Mesa LIVE in 20 mins., FOX will cover it LIVE here
Via The Swamp:
Homeowner Affordability and Stability Plan
The deep contraction in the economy and in the housing market has created devastating consequences for homeowners and communities throughout the country.
- Millions of responsible families who make their monthly payments and fulfill their obligations have seen their property values fall, and are now unable to refinance at lower mortgage rates.
- Millions of workers have lost their jobs or had their hours cut back, are now struggling to stay current on their mortgage payments – with nearly 6 million households facing possible foreclosure.
- Neighborhoods are struggling, as each foreclosed home reduces nearby property values by as much as 9 percent.
1. Refinancing for Up to 4 to 5 Million Responsible Homeowners to Make Their Mortgages More Affordable
2. A $75 Billion Homeowner Stability Initiative to Reach Up to 3 to 4 Million At-Risk Homeowners
3. Supporting Low Mortgage Rates By Strengthening Confidence in Fannie Mae and Freddie Mac
The Homeowner Affordability and Stability Plan is part of the President’s broad, comprehensive strategy to get the economy back on track. The plan will help up to 7 to 9 million families restructure or refinance their mortgages to avoid foreclosure. In doing so, the plan not only helps responsible homeowners on the verge of defaulting, but prevents neighborhoods and communities from being pulled over the edge too, as defaults and foreclosures contribute to falling home values, failing local businesses, and lost jobs. The key components of the Homeowner Affordability and Stability Plan are:
1. Affordability: Provide Access to Low-Cost Refinancing for Responsible Homeowners Suffering From Falling Home Prices
· Enabling Up to 4 to 5 Million Responsible Homeowners to Refinance: Mortgage rates are currently at historically low levels, providing homeowners with the opportunity to reduce their monthly payments by refinancing. But under current rules, most families who owe more than 80 percent of the value of their homes have a difficult time refinancing. Yet millions of responsible homeowners who put money down and made their mortgage payments on time have – through no fault of their own – seen the value of their homes drop low enough to make them unable to access these lower rates. As a result, the Obama Administration is announcing a new program that will help as many as 4 to 5 million responsible homeowners who took out conforming loans owned or guaranteed by Fannie Mae or Freddie Mac to refinance through those two institutions.
· Reducing Monthly Payments: For many families, a low-cost refinancing could reduce mortgage payments by thousands of dollars per year:
o Consider a family that took out a 30-year fixed rate mortgage of $207,000 with an interest rate of 6.50% on a house worth $260,000 at the time. Today, that family has about $200,000 remaining on their mortgage, but the value of that home has fallen 15 percent to $221,000 – making them ineligible for today’s low interest rates that now generally require the borrower to have 20 percent home equity. Under this refinancing plan, that family could refinance to a rate near 5.16% – reducing their annual payments by over $2,300.
2. Stability: Create A $75 Billion Homeowner Stability Initiative to Reach Up to 3 to 4 Million At-Risk Homeowners
· Helping Hard-Pressed Homeowners Stay in their Homes: This initiative is intended to reach millions of responsible homeowners who are struggling to afford their mortgage payments because of the current recession, yet cannot sell their homes because prices have fallen so significantly. Millions of hard-working families have seen their mortgage payments rise to 40 or even 50 percent of their monthly income – particularly those who received subprime and exotic loans with exploding terms and hidden fees. The Homeowner Stability Initiative helps those who commit to make reasonable monthly mortgage payments to stay in their homes – providing families with security and neighborhoods with stability.
WOW!WOW!!!! Steve Liesman has it again, this is from paperwork he has that will be part of the briefing to Congress done shortly..Congress will have to pass legislation to get this part done..we will see what kind of senators they are, Populist or Roman heh…
BANKRUPTCY CRAMDOWNS! HOLY CRAP!!!!! I DON’T BELIEVE IT!! WOW WOW WOW!!
Mortgage Cramdowns only to be used when borrower has ‘no other option’..the amount of the mortgage in excess of the property value will be treated by bankruptcy judge as UNSECURED!!
HOLY CRAP! THAT IS THE BIG STICK! YEAH FRAK THE CARROTS MAN, LET THE BANKS DO THE RIGHT THING!
So borrower goes to lender asks for Mo mod then can go to mortgage cramdown!
In addition 10 billion insurance fund will be used to insure the lender against further fall in home prices
Also the 38% debt to income ratio, high total debt income borrowers – 55% – also eligible for this cramdown modification if they go to debt counseling
Congress will enact this legislation, WOW!
UPDATE: Treasury increases commitment to Fannie and Freddie from $200b to $400b, now they each get 200 billion..
Obama Housing plan will establish a 10 billion insurance fund to ‘discourage foreclosure’
Treasury will establish uniform guidance for mortgage modifications…all future recipients of TARP money REQUIRED to implement loan modification plan
CNBC Steve Liesman breaking it now…
According to Treasury plan includes: Plan to help 4-5 million homeowners refinancing plan
ADDITIONAL PLAN THIS IS NEW!!: Treasury to help fund principal writedowns?? need details there..more than expected
75 billion homeowner stability initiative to reach an additional 3-4 million at risk homeowners supporting low interest rates by increasing confidence in Fannie and Freddie…
Homeowner Stability Initiative aimed at those who ‘commit to making reasonable monthly mortgage payments’..
Obama plan promises, “no aid for speculators”..
Aimed to help households ‘at risk’ who are current in payments..
Many incentives built into the plan for servicers and lenders to get on board says Steve…
Lenders under Homeowner Stability Initiative will bring down payments to 38% of borrowers income TOLD YA!! That is Sheila Bair’s plan right there…THEN the government would match further reductions down to 31% of the borrowers income…
a low interest rate must be in place for 5 year after which it can gradually be raised to market rates, UH OH THAT IS A TEASER NO NO NO!!!! WTH do they want more ARMS this will lead to waves later, oh good gawd!!!
Treasury will share in the cost of reducing principal on mortgage, need details there!!
Incentives: Servicers receive $1000.00 upfront fee for each modification and success fees for keeping borrowers current, 1k a year for 3 years.
additional fees for servicers who get mortages modified before default….
WHAT a letdown. WHAT a disappointment. How utterly lacking in ‘progressive’ values.
Where is the HOPE? the CHANGE? the frakkin HOLC? Soon we will ALL be living on Desolation Row..
CNBC Steve Liesman is reporting he spoke to Treasury who tells him there will be mortgage modifications for homeowners underwater, BUT there will be no principal writedown by the banks…how is that possible?
It sound as though they are going to nationalize the implementation of the FDIC plan which sadly has proven ineffective, with OTS and OCC reporting 50% redefault rates within 6 months of the modification.
Why? NO PRINCIPAL WRITEDOWN
FDIC model extends the length of the loan and temporarily reduced interest rates. If that sounds somewhat familiar it is because that is the kind of loan that got us here..TEASER RATE ANYONE?
It has over time proven ineffective in moving people to stability. EVERYONE except apparently the banks (and now Team Obama), AGREES principal writedowns are necessary to end this cycle….even the SOOPER GEEENIUS who got us here Alan Greenspan said at the Economic Club last night we need principal writedowns…so it is NOT a question of political will or cover it is Obama being everything to everyone again and not taking a stand
THE BUCK STOPS HERE, STOP BEING ‘PRAGMATIC’ !!!!
(and a side note Treasury announced today the bi banks DECREASED LENDING since they got TARP…)
we waited all this time for a rescue that isn’t coming..
Are Team Obama HOPING for this to fail in order to push bankruptcy cramdowns later? Because this will fail, as it has already failed at FDIC..
show some guts some leadership some oh I dunno SOME PROGRESSIVE VALUES
Hillary supported this kind of thing modification in the bginning when it WOULD have made a difference, 2007. However that was then adn this is now, Hillary now supports HOLC as does Krugman as doe anyone with a clue…even John McCain’s housing plan was more progressive than this if Liesman is right about the details. That should make you go Hmmmm..
MiM will live blog the announcement from Team Obama here in Phoenix at 10:15am MST.
PS Housing starts just released off a cliff, off a cliff…..good for reduced inventories in theory but the foreclosures are swamping that anyway and this is baaaaaad for jobs…
Housing starts tumbled 16.8 percent to a seasonally adjusted annual rate of 466,000 units, the lowest since the Commerce Department started keeping records in 1959, from December’s upwardly revised 560,000 units. That was the biggest percentage drop since January 1994, the Commerce Department said. Analysts polled by Reuters had expected an annual rate of 530,000 units for January