Update: Ahh HousingWire says they are taking responses to their poll via the Register first. Team Obama’s answer for everything is a meeting, a poll, a panel, typical faculty lounge stuff, lol
The administration said it will first seek public response via the Federal Register listed at regulations.gov. The administration will then hold a series of public forums on housing finance reform.
Update: HousingWire has the details on the ‘poll’ Team Obama plans to take, what a disgrace! Should have and still should just do HOLC, but then Credit Suisse and UBS might take a loss, Gawd Forbid, but it is fine if taxpayers shoulder it, I call shenanigans….
The Obama Administration today puts the public behind the mic on the reform of the US housing finance system, including Fannie Mae and Freddie Mac. A list of questions published today targets the opinions of mortgage market participants, industry groups, academic experts and consumer and community organizations, according to an e-mailed statement from the US Treasury Department.
Here is the Treasury Press Release:, they do not list where to send your input, lol, but here is their contact info:
Department of the Treasury 1500 Pennsylvania Avenue, NW
Washington, D.C. 20220
General Information: (202) 622-2000
Fax: (202) 622-6415
7:23: Shaun Donovan (HUD Sectry) says he does NOT believe the stress on housing affordability fueled the crisis and that it was vagueness in the programs that was a problem. Oh boy.
Ed Royce R-CA is disputing this and citing Geithner’s previous testimony that the GSEs used the affordability mandates to buy bad loans…well yeah!
Okay we’re 20 mins in and it’s a smack down, you must watch this hearing!
now Mel Watt D-NC is talking up low income rental housing and the GSE roles in that. This is one of Barney Frank’s pet plans. I have long said they will take these foreclosed homes and convert them to Section 8 after families lose them. Unreal.
ZOMG!! BUY A FRAKKIN CLUE TEAM OBAMA!!!! Lordy, Lordy..I thought these guys were SOOPER GENIUSES who had a plan before he even took office!
Now we have an uncapped FAN FRED FHA debt growing exponentially and they want to take a frakkin poll? Are you frakkin kidding me?!
The hearing with the House Financial Services Cmte has begun and Spencer Baucus R has nailed the issue-
Ranking Member Spencer Bachus gives opening remarks at a Financial Services hearing on the future of housing finance, where the Obama Administration failed to provide a plan for reforming Fannie and Freddie.
If that hearing doesn’t terrify you, see Ben Bernanke live here before the Joint Economic Cmte suddenly acknowledging we have a serious fiscal crisis and need immediate action, funny he didn’t say that before they rammed down the Obamacare bill huh? frakker.
I mean it is good that we arent building more houses cuz frankly we have an 18 month supply right now even without the shadow inventory of imminent foreclosures and then add the many who want to move and cannot b/c they cannot sell their house in this market..we do not need more houses..but the markets want it to be over soo badly and want construction jobs soo badly that they fooled themselves into thinking we were already at the bottom and April starts would be up…the homebuilders stocks were crazy high yesterday, that faux rally is over….
..New U.S. housing starts and permits unexpectedly fell to record lows in April, a government report showed on Tuesday, denting hopes that stability in the housing market was imminent.
The Commerce Department said housing starts fell 12.8 percent to a seasonally adjusted annual rate of 458,000 units, the lowest on records dating back to January 1959, from March’s upwardly revised 525,000 units.
Compared to the same period last year, housing starts tumbled 54.2 percent.
Analysts polled by Reuters had expected an annual rate of 520,000 units for April…
If you are in Metro Phoenix, Congressman Harry Mitchell has put together a ‘Foreclosure Survival and Prevention Workshop’ with the task force of that name.
The really good news is the list of items to bring includes everything you would need to apply for a loan so it is my hope people will be able to apply for the various Hope for Homeowners, Making Home Affordable and HUD mortgage modification, refinancing plans while there.
Here are the details, everything here is straight from the flyer from Congressman Mitchell:
Saturday, May 2nd 8:30am-11:30am
Granite Reef Senior Center 1700 North Granite Reef Rd, Scottsdale
Featuring HUD-certified housing and finance professionals to counsel one on one about foreclosure problems. To get the most accurate help possible, please bring as many of these documents as are applicable:
The closing packet for your mortgage
Recent bank statements and mortgage bills
Federal tax returns for 2 years and pay stubs (doesnt say but bring two most recent )
Unemployment documentation for the last month;
In addition you may need to bring:
Pay stubs for last 30 days for each member of household;
Social Security/Unemployment/Pension Income statements;
Statements/bills for all household expenses;
ALL correspondence, letters from banks, courts, or anyone regarding your home or foreclosure;
Any Trustee Sale information from your mortgage company or its attorney;
Evidence of outstanding judgements or tax liens;
Workshop Agenda:
8:30 am – Registration and One-on-One Counseling Begins
9:00 am – Welcome by U.S. Congressman Harry Mitchell
On going presentations from the Arizona Foreclsoure Prevention Task Force include:
9:15 am – Foreclosure Timeline and Scams to Look Out For
10:00 am – Creating a Crisis Budget
10:45 am – Rebuilding after Foreclosure and Building Your Home’s Value
If you need immediate help, please contact the AZ Foreclosure Helpline at (877) 448-1211, or HOPE NOW, a HUD approved counseling organization at (888) 995-HOPE. For further information on this workshop contact me (Rep. Mitchell if you are in the district) at (480) 946-2411
10 of 29 Metro Areas show record rates of annual decline
15 metro areas showed price declines of over 10% vs Feb of 08
10 city composite posts annual decline of 18.8% in February
20 city composite down 18.6%
here is how CNBC morning crew is spinning this to be a good number:
Annual home price decline did not set a new record for the first time in 16 months
well alrighty then, let me pop my Korbel cork right now, LOL…..
So the Delta is slowing, that would be IMO the foreclosure sales, however we still have a RECORD inventory out there and with the foreclosure moratoriums ending I suspect prices will fall farther as those ‘shadow inventory’ short sales hit the market…but by all means it is good if the rate of decline would frakkin slow or better stop…or you know actually show an increase in value, HA!
Dow futures are sharply lower after the Dow ended yesterday down 50+, futures down -103 before the open…
*Straight off of the Gene Simmons Demos, the House Of Pain! Its basically just the basic riff from the 1984 HOP, with different choruses, different verses, and a different solo. The Intro and outro to the solo are also in the 198 HOP, although in different places here. Enjoy!
Update: We STILL have a 9.5 month supply of homes, I do NOT agree this is a bottom, as UE goes up, and the foreclosure moratoriums end, the supply continues to grow. But to be fair here is the other side, second clip below, also if you need to refi or modify, check out the website here: http://makinghomeaffordable.gov/index.html/ NAR clip number 3, recall the NAR is in business to increase home sales, LOL, talk about a rosy view…
AWESOME! As soon as the hard lefty goes class warfare, Larry Kudlow goes wild! WOOT!
The first words from the mouth of Matt Miller of C.A.P., are John Thain’s house, to stir up class warfare, BS, take that crap elsewhere, America doesn’t need it. And I am a MER.BofA shareholder, mom is, I don’t want Thain used to gin up resentment so these yahoos can undo all the progress we made on welfare to work since Big Dawg….
Airtime: Fri. Feb. 27 2009 | 6:03 PM ETDiscussing Obama’s 2010 budget proposal, with Matt Miller, Center for American Progress; Grover Norquist, American’s for Tax Reform; Dan Colarusso, The Business Insider; and CNBC’s Scott Wapner.
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….
Moderate in the Middle 