Housing: Foreclosures still rising – RealtyTrac confirms earlier UBS’ forecast- won’t peak until 2010…

Here is our post on the UBS forecast for housing foreclosures and mortgage defaults

RealtyTrac concurred with UBS’ position today:

Team TOTUS needs to get the programs that they have already announced properly implemented (HAMP, HASP, PPIP) and either a. working or b. scrap them, cut off the funds, and try something else as far as housing is concerned or we will hit that second leg down in conjunction with a rising tax environment a la Congress and the consumer will go down for a generation IMO…

and don’t even think about anything in the Middle East happening to hit oil prices cuz then we will get another 2 years of TOTUS blaming THAT for his economic failure just as he stops blaming Boooosh!

Barney Frank and Dick Durbin are ready to reintroduce the bankruptcy cramdown bill and the banks have no one to blame but themselves at this point.

..The second-most powerful Democrat in the Senate called the Obama administration’s mortgage modification program“a waste of time” Wednesday, hours after the White House released disappointing new data about the program’s effectiveness

…Mr. Frank has been arguing that if the administration’s loan modification efforts, which rely on voluntary participation by mortgage servicers, don’t improve, then the political winds will move in his favor—and against the banks. “Let me put it this way,” he said at Wednesday’s hearing. “The best lobbyists we have for getting bankruptcy legislation passed are the servicers who are not doing a very good job of modifying mortgages. And if they do not improve their performance, then they improve the chances of that legislation.”…

Meredith Whitney mentioned on CNBC this morning that the banks have increased their MBS holdings of all things, are they buying each other’s properties to avoid taking writedowns after 90 days on foreclosed props??

Is that why people are making market offers and getting turned down by the banks? When will the banks get a CLUE that in THIS political environment their best interest is not served by artificially inflating asset values and failing to make MEANINGFUL modifications with the Federal incentive payments and taking a tiny profit, rather than not doing so and being TOTALLY rolled by Frank and Durbin and thereby starting a cycle of bad loans to people who cannot afford the homes all over again???? Hmmmnnn? Memo to banks suck it up, take the hit, walk it off like consumers do before you get reamed by Team TOTUS’ machine…

September 10, 2009. Tags: , , , , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, TARP, Wall St. 2 comments.

Breaking: New House ‘Housing’ Bill contains cramdown/judicial mortgage modification provision…

UPDATE: Reuters has it up:

U.S. bankruptcy judges would get power to modify home loans and mortgages services who alter loans would win protection from bondholder lawsuits under a bill to be considered by U.S. lawmakers later this week, sponsors of the legislation said on Monday.

The Hill:

House Democratic leaders may bring the bill to the floor for a vote on Thursday. The bill is sponsored by House Judiciary Committee chairman John Conyers (D-Mich.) and House Financial Services Committee chairman Barney Frank (D-Mass.)….

…The House bill says that a homeowner must have “attempted” to contact the lender or servicer before heading to a bankruptcy proceeding, but it does not require that the lender has received all the information. The bill also does not appear to limit the value of a mortgage that a judge can write down, which the financial services industry says opens the process up to far too many homeowners.

While most of the financial services industry opposes the cramdown provision, Citigroup earlier this year came out in favor of a form of the legislation in a negotiation with Sens. Dick Durbin (D-Illinois) and Chuck Schumer (D-N.Y.).

For some reason I always hear this song in my head when I think of mortgage cram downs…heh

Per CNBC chyron on Kudlow LIVE:

House ‘Housing’ Bill provisions include:

Upping FDIC credit line from 30b to 100b

Let bankrupcty judges modify mortgages for ‘some’ 1st homes

Offer limited liability protection to firms that modify mortgages

Bill would permanently increase insured deposit limit to 250k

…MiM will follow up as soon as anything is released..

February 23, 2009. Tags: , , , , , , , , , , , , , , , . citigroup, Economy, FDIC, Finance, Foreclosures, Glam Metal, Hair Bands, Housing, Music, Obama Administration, Politics, Popular Culture, Wall St. 4 comments.

Breaking:Burris certified by Senate…will be seated…Lonesome Loser Reid strikes out again….

Yes, Harry Reid has once again, folded like a cheap suit.

Lonesome Loser LRB courtesy of  kirknjoni

Update: Official walkback statement now out via ACE HQ and ChicagoTribune/WGN:

“Barring objections from Senate Republicans, we expect Senator-designee Burris to be sworn in and formally seated later this week,” said a joint statement from Senate Majority Leader Harry Reid and Assistant Majority Leader Dick Durbin.

The Senate Democratic Leaders had told Burris last week that he needed to testify before the Illinois House impeachment committee about his relationship with Gov. Rod Blagojevich and submit a signature from Illinois Secretary of State Jesse White certifying his appointment by Blagojevich.

“We have spoken to Mr. Burris to let him know that he is now the Senator-designate from Illinois and as such, will be accorded all the rights and privileges of a Senator-elect,” said the joint statement.

Breaking now on FOX, (confirmed by Carl Cameron says Cavuto FWIW…)

“Burris certified by U.S. Senate Officials to Fill Vacant Seat…”

You know what we would say back in Brooklyn don’t you? That was mighty white of them…

Sorry but hell it was a witch hunt by the end and Reid had NO BUSINESS pulling this parliamentary CRXP, when

a. The US Senate, despite what some may suppose, does NOT have the right to question the appointment/election of a Senator that has been certified by the state under the requirements of the state’s constitution, beyond the general eligibility requirements

b. Frakin Harry better git his axx to work on Nevada’s foreclosure crisis or maybe go sit in the frakin meetings with Summers and Geithner and see WTH is going on and write a plan, you know show some LEADERSHIP on the real issues..

but where did wrong way reid lead us?? Bravely off into a FRAKIN DEAD END YET AGAIN..

And congratulations to Senator Burris who should have been seated two weeks ago and at the latest Friday after IL SC confirmed the SoS has ALREADY certified Burris via the entry into the state records…

Our previous posts are numerous, please use our search function

The Junior Senator of Illinois, Mr. Roland Burris

The Junior Senator of Illinois, Mr. Roland Burris

January 12, 2009. Tags: , , , , , , . Finance, Foreclosures, Housing, Obama Administration, Politics. 1 comment.

Go Back Jack, Do it Again…Another 350B…PEBO asks for TARP Tranche Two

(courtesy of Melegorm)

Finally the frakin letter itself!

To be ABSOLUTELY CLEAR HERE, LOL, this is Team PEBO, which is largely comprised of UofC (Fuhrman, Goolsbee both in the meeting with DEM Senate leadership yesterday-the bill in question is coming from the House) and moderate Capitalists (Summers et al) , certainly not economic lefties, snark..

anywho, this is an attempt to head off the legislation Barney Frank has a hearing scheduled on tomorrow. The LETTER is a loose framework of nice words and means nada, I hope Barney passes this legislation before he hands over ANOTHER 350B of the taxpayer dollars with nary a string and a handshake and a letter. He should have learned from the first tranche.

Different players, same story. They are not really that different are they? It is Geithner incoming Treasury Secretary who ran the AIG and CITI bailouts after all….

PASS THAT LEGISLATION BARNEY! Don’t give them the dough without protecting taxpayers this time!!

Update 5: The letter via WGNtv :

President-elect Barack Obama’s top economic adviser tells Congress that the need for the remaining $350 billion of the financial bailout package is “imminent and urgent.”

Larry Summers has written a letter to the bipartisan leadership of the House of Representatives and the Senate to assure lawmakers that the money will be used to help community banks, small businesses, consumers and homeowners as well as large financial institutions.

And more interesting background from KTTC Rochester (via Politico):

Emerging from a two-hour meeting in the Capitol with Obama advisers Lawrence Summers and Jason Furman, Senate Democrats praised the President-elect’s team for agreeing to make changes to its stimulus proposal based off of concerns senators raised last week at a meeting with the president-elect’s senior aides.

The Obama team told about 35 Senate Democrats gathered at Sunday’s meeting that it would grow the size of an energy-tax incentive package and modify proposed tax credits for individuals and for businesses that hire new employees, according to meeting attendees. Also, with lawmakers raising concerns that the first half of the $700 billion of the financial rescue law was badly mismanaged, Obama’s team signaled it would lay out precisely how it would spend the second half of that package, which Congress is expected to consider as soon as this week.

“It’s very clear they’ve listened, they’ve heard and that they’re moving to respond,” said Sen. Kent Conrad, chairman of the Budget Committee, who questioned previously whether the tax credits in the stimulus package were enough to encourage new jobs. “It was very, very healthy. They’re not defensive, not arguing back, they’re listening, they’re attempting to hear and they’re responding.”

Update 4: 12:48pm EST: Update on the ‘letter of understanding’ via FoxBusiness:

The letter includes provisions that would loosely commit the Obama administration to use TARP funds to help troubled homeowners avoid foreclosure; to adopt tougher executive compensation limits and corporate governance standards for firms that participate in TARP, and increase reporting, oversight and disclosure requirements in the program.

The letter would allow the president-elect and Congressional Democrats to avoid a potentially embarrassing veto fight in Mr. Obama’s first weeks in office. The Treasury has spent or committed all of the $350 billion funding in the first half of the $700 billion TARP. To get authorization for the last $350 billion, the president — Bush now, or Obama after he takes office — must submit a report to Congress outlining how the Treasury would spend the money. The funding will be authorized automatically unless Congress votes to approve a “resolution of disapproval” within 15 days of receiving the report.

But the president could veto the resolution. Then to stop the funding, Congress — controlled by the president-elect’s own party — would have to override the veto with a two-thirds vote in the House and Senate.

While sources believe the next $350 billion will come regardless of how the process unfolds, a veto and effort to override it “would set up quite a mess the first weeks in office” for Mr. Obama, a financial industry source said. “That would be a disaster politically.”

Update 3: Larry Summers sending a ‘letter’ FOX reporting -vaguely – that letter indicates they (PEBO Team?) want to get more funds to Main St…

For a GREAT piece on how liberals are viewing the recent PEBO Team activity, read Jimmy Pethokoukis’ column here:

…But it’s Obama’s $800 billion American Recovery and Reinvestment Plan that will be ground zero in this coming liberal internecine battle. “Way too much Reagan, not nearly enough FDR,” griped some key liberals about a plan that would, in addition to the tax cuts, still provide a whopping half-trillion dollars over two years in government spending for infrastructure, healthcare, education, clean energy, grants to states, and aid to lower-income and unemployed folks.

Some of their greatest hysterical hits: 1) “The economic plan he’s offering isn’t as strong as his language about the economic threat,” wrote NY Times columnist Paul Krugman. “In fact, it falls well short of what’s needed”; 2) the Center for American Progress, a liberal think tank founded by Obama transition co-chair John Podesta, said the Obama plan was chock-full of “special interest favorites” and “long-discredited conservative proposals”; 3) Sen. Tom Harkin said Obamanomics “still looks a little more to me like trickle-down,” invoking a Reagan-era economic invective that liberals love to hurl; and 4) Nancy Pelosi, who seems to actually believe the Obama campaign spin that the Bush tax cuts somehow caused the recession, blurted out this gem: “Put me down as clearly as you possibly can as one who wants to have those tax cuts for the wealthiest in America repealed.” Duly noted, Madam Speaker.

(more…)

January 11, 2009. Tags: , , , , , , , , , , , , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, TARP, Wall St. 1 comment.

BREAKING: IL SC Rules on Burris Petition…NO SoS Signature Required! heh…

Update 3: 3:00pm EST: H/T to jbindc at TL, who notes this piece of the ruling, which to us at MiM says it all:

“We note…that nothing in the published rules of the Senate, including Rule II, appears to require that Senate appointments made by state executives pursuant to the 17th amendment must be signed and sealed by the state’s secretary of state. Moreover, no explanation has been given as to how any rule of the Senate, whether it be formal or merely a matter of tradition, could supersede the authority to fill vacancies conferred on the states by the federal constitution. Under these circumstances, the Senate’s actions cannot serve as the predicate for a mandamus action against the Secretary of State. The only issue before us is whether the Secretary of State, an official of this state, failed to perform an act required of him by the law of Illinois. He did not.”

Update 2: Now Fox reporting that Senate Dem aide on Capitol Hill is STILL saying Burris will NOT be seated without that signature, despite the state SC ruling…

Oh come on already!! The SoS DID ENTER the appointment into the register as the Burris papers note in our original report on this topic, linky below..therefore the signature is not necessary, it IS RECORDED..this is what IL SC is saying as well…now Capitol Hill Senate Dem ‘aides’ are saying this makes it MORE difficult to seat Burris? and yet at the same time Reid WANTS to seat Franken? oh come on!

Stop digging a hole and seat the guy! I mean it is a HARDSHIP for this guy to have to keep paying legal fees to get seated at this point…

Update: Dick Durbin to hold news conference in 2 hours….

COURT RULING here

DEVELOPING: FOX reports…

IL SC rules that the signature of the SoS of IL, Jesse White, is NOT required for Burris to be seated.

No further action is required by the Illinois SoS or any other official to make the appointment of Roland Burris to the IL Seat in the Senate valid….

USA Today has it up, finally:

Because the Secretary of State had no duty under section 5(1) of the Secretary of State Act to sign and affix the state seal to the document issued by the Governor appointing Roland Burris to the United States Senate, Petitioners are not entitled to an order from this court requiring the Secretary to perform those Acts. Under the Secretary of State Act, the Secretary’s sole responsibility was to register the appointment, which he did. No further action is required by the Secretary of State or any other official to make the Governor’s appointment of Roland Burris to the United States Senate valid under Illinois law. Moreover, to the extent that additional proof of the validity of the appointment is necessary, Illinois law provides a mechanism for obtaining it without the need for judicial intervention. For the foregoing reasons, petitioners’ request for issuance of a writ of mandamus is denied. Mandate to issue forthwith.

B/C SoS has NO DUTY under SoS Acts, no signature is required

IL Constitution 305.5, Ministerial Duty states SoS is required to certify, thus it is not White’s call…and his signature is NOT required, which is IIRC what White and AG Madigan’s briefs both said…..

developing….

A-HA!! That was MiM’s legal opinion as well, heh…

yes the ACT took place when Blago signed and the SoS is not necessary…

See our previous posts here and here and here and here and here

Background here from AP

and FOX is reporting that Reid is trying to seat Franken without the legal wrangling being completed in MIN which DOES have a law REQUIRING that the SoS NOT certify until ALL legal actions are done..Reid is on the wrong side of BOTH of these calls…

one more time..WHADDA MAROON!!!

harry-reid-incompetence

January 9, 2009. Tags: , , , , , , , , , . Politics. 2 comments.

Citigroup and Senate Dems reach a deal on mortgage modification by bankruptcy judges…

housinginyourhands

WOW!!! This will send shock waves through the Mortgage Bankers Association which successfully lobbied against this provision in legislation passed last year….

From MarketWatch:

Senate Democrats have reached an agreement with Citigroup Inc. on a key bill to give bankruptcy judges the authority to eliminate some mortgage debt and help reduce foreclosures, lawmakers announced Thursday afternoon. (MiM here-Bolded by the news report HA! Yeah you betcha they’re wiggin out over this one!)

(more…)

January 8, 2009. Tags: , , , , , , , , , , , , , , , , , , , , , . CITI, citigroup, Economy, FDIC, Finance, Foreclosures, Housing, Obama Administration, Politics, TARP, Wall St. 1 comment.

LIVE on CSPAN: Witch-Hunt, alternatively titled, the Illinois State Legislature Impeachment Panel questioning Burris…

Update: Aww it just ended! Well God Bless Burris man, he did a yeoman’s job of it…go to CSPAN library for archived footage later….

WATCH ON CSPAN LIVE (have an airsickness bag ready)

Listen, I am the last person to scream witch -hunt, but after watching this for over an hour, it’s a G-D witchhunt and I feel for Burris.

He has said a hundred times there was no discussion of any exchange personal, legal, political, financial, material in quid pro quo or not for accepting this appointment.

The IL GOP has decided to go to town and are asking Burris what Harry Reid and Dick Durbin or ANY state or National Democratic operative said to him about 2010..they are SO SO SO far afield it is ridiculous.

THIS is why political impeachment without rules of law applied is a joke, a frakin disgrace. This has ABSOLUTELY NOTHING to do with impeaching Blago, this is an attack on Burris by some Dems as well. Frak them, it is HIS SEAT dammit.

And YES I get the difference b/w political and legal,. but when a political with-hunt prevents the PEOPLE from having representation while taxation is flying thru Congress, it violates the people’s RIGHT, LEGAL CONSTITUTIONAL RIGHT to representation, so there!

See I am a pretty good indicator of the general public and I am ready to march on Springfield to wave a banner for Burris myself, HA! LOL, yeah they aren’t making any friends and this IS looking WRONG IMO…just WRONG….

they often break into yelling at each other across the panel while Burris sits calmly waiting for the dust to settle…they are asking ridiculous questions over and over and over again, no matter how many times he answers, the Chairwoman the Dem is not helping at all, is she under orders from Reid to let Burris be scuttled or just a failure as a leader? I dunno….

burrisforgov

January 8, 2009. Tags: , , , , , , , , . Obama Administration, Politics. Comments off.

Reid Flip Flop Video Added: Senate Dems to seat Burris….

Via AP:

Changing course, Senate Democrats emerged from a meeting with Senate appointee Roland Burris on Wednesday and set forth the legal steps under which they’re willing to welcome him into the Senate in President-elect Barack Obama’s vacated spot. (Jan. 7)

(more…)

January 7, 2009. Tags: , , , , , , . Obama Administration, Politics. 1 comment.

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