Housing: Team Obama plans to ‘poll’ Americans to see what we want to do with Fannie, Freddie? Where is the leadership?! plus Ben Bernanke testifies before JEC…

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:

http://www.ustreas.gov/contacts.shtml

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.

7:20 am AZ time: Watch the hearing live now here

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.

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April 14, 2010. Tags: , , , , , , , , , , , , . Politics. 1 comment.

Market Mover Tuesday: About that Housing Bottom…Housing Starts Drop….

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….

CNBC:

..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…

May 19, 2009. Tags: , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Music, Politics, Popular Culture, Uncategorized, Unemployment Statistics, Wall St. Comments off.

Homeowners Short Sale Option – CNBC.com

Vodpod videos no longer available.

more about “Homeowners Short Sale Option – CNBC.com“, posted with vodpod

May 15, 2009. Tags: , , , , , , , . Housing, Obama Administration, Politics, Uncategorized. Comments off.

Housing Update:Banks Bulldoze Homes: SoCal: Temecula CA, and Victorville, TX Model Homes Bulldozed

Vodpod videos no longer available.

Gee, is THIS the housing bottom we were looking for? probably. If the Government can keep itself OUT of American business and they dont frak up the 17% of GDP that is health care too badly AND if they STOP the insanity of cap and trade we can do what we  would have done regardless, recovered. Economic Cycle and all that..

So Bernanke said he thought this might be a soup bowl recovery, and said housing bottoming..

Here is how Guaranty Federal of Guaranty Bank a TARP recipient BTW is handling housing , bulldozing the houses….one way to solve inventory but sad very sad, look at the BRAND NEW WINDOWS AND DOORS, cant they STRIP the items and resell them or DONATE them or something and THEN knock it down?:

Diana Olick at CNBC posted this video from VisionVictory:

Guaranty Federal a holding company of Guaranty bank received TARP money.
http://sbj.net/main.asp?SectionID=18&…

Victorville model homes being demolished.
BREAKING NEWS Developing: Another bank will begin the tear down of 20 Temecula homes in Southern California.

NEW HOMES DEMOLISHED
By Patrick Thatcher, staff writer for, Daily Press

Victorville- The housing collapse is taking a literal form for one bankrupt housing development.
Four model homes and 12 nearly finished spec homes at Bear Valley Road and Highway 395 are being demolished.

The developer filed bankruptcy about 18 months ago and the foreclosed property went to Guaranty Bank in Irvine.

A Guaranty Bank official, Real Estate Officer Dean Smith, said they were facing daily fines from the city of Victorville if they didnt do something with the homes and property that not up to code. He said it was a choice of pumping their own money into property site improvements and additional money to bring the home up to code or tear down the 16 homes.

Smith said the bank is not in the building or land development business and because of the current housing market does not see anything happening with the property for at least five years.  Our only option is to either proceed with putting more than a million bucks into the land, which weve already taken a huge hit on and lost a lot of money, or, we tear down the houses, Smith said.

He said the builder put up the homes before completing the site improvements and failed to have enough money to finish roads, walls, and other improvements that bring the community into code. Everything just fell apart at that point and we cant sell homes that are not up to code, Smith said.

(more…)

May 5, 2009. Tags: , , , , , , , , , , , , , . Economy, FDIC, Finance, Foreclosures, Housing, Obama Administration, Politics, TARP, Taxes, Uncategorized, Unemployment Statistics. 1 comment.

Housing Update: AZ : May 2nd Foreclosure Prevention Task Force Workshop with Rep. Mitchell….

housinginyourhands

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

April 30, 2009. Tags: , , , , , , , , , , . Finance, Foreclosures, Housing, Politics, TARP, Uncategorized. 1 comment.

Housing Update: Bankruptcy Cramdown/Judicial modification effectively ‘dead’ in the Senate…

Cram down looks to be dead, WOTS is Tiny Timmeh and TOTUS weren’t really supporting it. Wonder if they used it as a stick to get JPMC and TARP friends to roll over on Chrysler huh…

Anywho if you are in Phoenix Metro and you need assistance with mortgage modification and the many Team Obama plans, Congressman Harry Mitchell has responded to a barrage of requests and is hosting a gathering this Saturday, May 2nd to help people get through the paperwork. MiM will post details shortly…

From Diana Olick:

Although the Senate vote hasn’t actually taken place (expected mid-afternoon) bankruptcy “cram down” is effectively dead on the Hill for the time being. The 60 votes needed are simply not there. This is the measure, approved by the House, to allow bankruptcy judges to modify home loans, including writing down the principal on those loans. The banking industry has been wildly opposed to it, claiming that the provision would cast uncertainty over the value of all home loans, and thereby raise interest rates for everyone….

-snip-

First, despite President Obama’s endorsement of the idea during his campaign and his adding the proposal to his overall housing rescue plan once he was in office, the administration did not really get behind it. My source tells me, “privately Treasury officials have not been enthusiastic.

Go read the whole post, Diana Olick is on top of Housing updates….

April 30, 2009. Tags: , , , , , , , , , , , , , , , , , . Economy, Foreclosures, Housing, Obama Administration, Politics, Uncategorized. Comments off.

Housing Update: Team Obama to unveil New, Additional Incentives for servicers/lenders to modify, includes second liens…

housinginyourhands

They are moving to address second liens, ie Home Equity Loans finally. Sadly it appears we will be paying off the banks who made the dopey decisions that got us here. And no word on WHO will be paying to extinguish these second loans down the road…and of course no journOlist follows up with questions on that aspect..

The good news is perhaps we can get the mortgages modified in the hard hit areas, cough cough, Sunbelt, cough cough….

WSJ:

Under a new program, the government will pay mortgage servicers $500 upfront and $250 a year for three years for successfully modifying a second mortgage, such as home equity loan. Separately, the administration will unveil a schedule of incentives for holders of second mortgages to extinguish those liens voluntarily, the official said.

-snip-

Some of the largest U.S. banks, including Bank of America, Wells Fargo and J.P. Morgan Chase, have already agreed to sign on to the program, the official said. …

…Under the program, servicers must agree to modify all second mortgages where the first mortgage has already been modified. To qualify for payment, servicers must extend the term of the second mortgage and reduce the interest rate to match the first mortgage. Then, the government will share the cost with the servicer of reducing the rate down to 1% for amortizing loans and 2% for interest-only loans.

Borrowers will receive payments of up to $250 per year for as many as five years if they stay current on the loan. The payments will be applied to pay down principal on the first mortgage…

…The administration will announce Tuesday a $2,500 upfront payment to servicers that refinance borrowers into the program. Meanwhile, lenders that originate the new loans will receive $1,000 a year for three years, if the loans stays current.

Not bad so far, but wait there’s more, they plan to EXTINGUISH ie FORGIVE the second loans completely down the road…

Legislation to revamp the program is currently pending in Congress. Once those legislative fixes are made, HUD will work on creating a program to extinguish the second liens, the official said.

You read that right, legislative FIXES and  a program to EXTINGUISH second liens. Man, here I am with only one loan. Silly silly MiM. This will pixx people off.

How is it fair or equitable to EXTINGUISH second liens for some people while others struggle along to pay their mortgage on time every month who did not take a second loan?

The ole dichotomy still a problem IMO, we cannot get a bottom in housing until we address these issues but it is not fair the way this is shaping up.  Why can’t these borrowers have their first and second rolled into one and then modify/refi that? That is what most people do when their payments are too high…

I await word on WHO is paying for the EXTINGUISHMENT of the second liens, ie home equity loans…not the taxpayer surely..sorry Shirley…

Will it be ‘voluntary’ ie done through GOVERNMENT controlled CITI or BofA? Is that why we are waiting for HUD to roll it out? and is that why HUD is waiting for ‘legislative fixes’? Is that cramdown as a stick and this is the carrot?

Man shoes keep dropping left and right, a regular Dr Seuss Foot Book happenin’ here…

April 28, 2009. Tags: , , , , , , , , , , , , , , , , , , , , , , , . Economy, FDIC, Finance, Foreclosures, Housing, Obama Administration, Politics, Popular Culture, TARP, Uncategorized. Comments off.

Market Mover Tuesday: Case-Shiller Housing Index…

Just released Case-Shiller Housing Index:

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…

*VH House of Pain courtesy of 5150EVH5150

*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!

April 28, 2009. Tags: , , , , , , , , , , , , , . Economy, Entertainment, Foreclosures, Housing, Music, Uncategorized, Wall St. 1 comment.

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