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government: More news on the cram down bill - Senate edition - 04/02/09 04:38 PM
I just read that the cram down bill, which already passed the House of Representatives, is facing stiff opposition in the Senate from...Senate Democrats?
Senate Majority Leader Harry Reid (D-NV) has recently commented that he may have to pull the provision from the Senate banking bill, because of opposition from lender-friendly Democrats in the Senate, led by Senator Evan Bayh (D-IN). Bayh, claiming to be acting as a "centrist," is threatening to side with Republicans in opposing the Senate version of the bill, as well as the Senate Democrats' efforts to add the bill to the budget bill.
Incidentally, is it … (3 comments)
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government: Banking meltdown highlights absurdley weak federal oversight - 10/11/08 08:24 AM
Remember how, after the September 11 attacks, Congress moved swiftly to eliminate law enforcement "turf wars" over sharing information and cooperating to catch evildoers? In light of recent events in the financial world, it's time for bank regulators to work together for the common good and stop the current practice of pissing contests and flat out refusal to hold bad lenders accountable. There's a great article on the issue from The Seattle Post-Intelligencer.
Here's what's been going on to date: literally dozens of state Attorneys General have attempted to take large, nationally chartered lenders like Washington Mutual and National City Bank … (0 comments)
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government: Worst of the worst: beware of foreclosure rescue scams - 09/11/08 08:03 AM
I just read yet another account of a common foreclosure scam. The article is a transcript from a story broadcast on the radio program Marketplace.
The moral of the story is twofold. First, if it sounds too good to br true, it probably is. Second, homeowners in distress are easy to take advantage of because of the real psychological despair that comes with serious financial problems.
If you are a homeowner in trouble, or if you know a homeowner in trouble, there are real options available other than falling for some scam. And if you think you are the victim of … (1 comments)
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government: The latest from the rumor mill: possible Fannie/Freddie takeover - 09/05/08 10:07 PM
The Associated Press is reporting that a federal takeover of Fannie Mae and Freddie Mac may happen as early as this weekend, quoting a source "briefed on the matter," who spoke on condition of anonymity.
What a difference a month makes.
Fannie, Freddie, and Treasury officials declined comment.
Get set for another wild ride, folks.
… (3 comments)
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government: Housing bill gets signed, new housing value numbers out - 07/30/08 01:53 PM
It's been a busy morning for news related to the housing market.
President Bush signed the much-anticipated housing bill this morning. Most of the bill's provisions take effect on October 1, but some of the emergency measures take effect immediately. If you just have to know all the details, or if you're looking for a cure for your insomnia, you can get the full text of the law (all 700 pages of it) through the Library of Congress website.
Standard & Poor's also released its Case/Schiller housing price report for May 2008. As largely expected, housing prices continue their slide in … (1 comments)
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government: Housing bill relief measures for military and veteran families - 07/28/08 09:09 AM
The much-anticipated housing bill goes to the President for signature today.
Hopefully, this bill will be a step in the right direction.
In addition to the Fannie Mae/Freddie Mac and new FHA features in the bill, there's a less publicized set of safeguards that I think is a great thing: additional help for veterans and active duty military personnel.
In the interest of disclosure, I was raised a Navy brat - my father served for over twenty years, and in many ways, so did his family. I have some personal experience and knowledge regarding how these measures will provide some much … (3 comments)
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government: House approves foreclosure, Fannie/Freddie bill - 07/24/08 04:02 PM
As expected, the House of Representatives approved the much-anticipated foreclosure rescue / Fannie Mae / Freddie Mac rescue bill. The vote was 272 to 152 in favor of the measure.
The Senate was set to take up the measure on Wednesday, but internal wrangling has delayed a Senate vote until this Friday or Saturday.
The President has withdrawn his veto threat, so it looks like the bill could be signed into law by early next week - and not a moment too soon for some 400,000 srtuggling homeowners.
… (0 comments)
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government: New bond-financed loan program in California - 07/22/08 09:39 AM
Governor Schwarzenegger announced yesterday that $200 million in bond-financed low interest rate loans will be made available for up to 1,000 first time home buyers. The target properties: vacant foreclosed properties in some of the California communities hardest hit by the current foreclosure wave.
The program, called the Community Stabilization Home Loan Program, was announced in Stockton, the reigning U.S. foreclosure capital. The program will be administered through the California Housing Finance Agency ("CHFA"), a state agency that promotes home ownership for low to moderate income Californians through a variety of programs.
Okay, so it's only 800 to 1,000 homes, or … (1 comments)
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government: Foreclosure rescue/Fannie-Freddie bill looks like it will get done - 07/21/08 09:42 AM
As stated by Senator Christopher Dodd last week, "Nothing concentrates the mind like a death sentence."
It appears that some may have their financial death sentences commuted later this week, as the combined foreclosure rescue and Fannie-Freddie rescue bill comes up for a vote. The bill has the support of the aforementioned Senate Banking Committee Chair Senator Dodd, as well as House Banking Committee Financial Services Committee Chair Barney Frank, and Treasury Secretary Henry Paulson.
The President's threatened veto of the housing bill, because of nearly $4 billion in funds to assist local governments in buying and fixing foreclosed properties, now … (3 comments)
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government: Countrywide, Fannie Mae, and Freddie Mac - this week's trifecta - 07/18/08 09:36 AM
It's definitely been a wild, hold-your-breath kind of week regarding America's current "big three" mortgage players.
Countrywide's internal practices are now out in the open, thanks to California Attorney General Jerry Brown. In a court filing yesterday, the A.G. outlines the company's incentives to loan officers and wholesale brokers to sell more expensive loans to borrowers than their credit ratings warranted, and the poor quality of the company's current loan portfolio. Subprime and option ARMs, which account for about one sixth of Countrywide's entire portfolio, have delinquency rates that indicate many loans should never have been made: nearly half of one … (1 comments)
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government: Fannie Mae, Freddie Mac rescue by the Fed & Treasury Dept. - 07/14/08 12:37 PM
JULY 15, 2008 UPDATE**: Congress is working with the Bush Administration to include the proposed Fannie and Freddie plan with the Congress' larger foreclosure aid plan. As recently as last week, the House and Senate were working on a revised version of the bill that would garner enough votes to override a promised Presidential veto. Now, it looks like a deal is in the works that would allow passage of nearly all of the proposed borrower protections, along with the Fannie and Freddie provisions.
What a difference a week makes.
Over the weekend, the Federal Reserve and the Treasury Department announced … (2 comments)
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government: Fannie Mae, Freddie Mac takeover? - 07/11/08 01:36 AM
**UPDATE: The government is getting more specific in discussing possible bailout or takeover options for Fannie Mae and Freddie Mac, which has sent both stocks tumbling in trading on Friday. As of 10:20 Eastern Time, Fannie Mae is down nearly 40% from yesterday's low, and Freddie Mac is down about 43% from yesterday's close. Brace yourselves folks, as we're hitting some major turbulence...
Rumors are circulating about the possible takeover(s) of Fannie Mae and/or Freddie Mac. Fannie, the Federal National Mortgage Association, and Freddie, the Federal Home Loan Mortgage Corporation, were created by Congress to foster the expansion of the home … (2 comments)
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government: Federal foreclosure bill includes foreclosure consultant rules - 07/09/08 04:06 PM
The big foreclosure bill making its way through Congress contains important additional protections for distressed homeowners.
Senator Herb Kohl (D-WI) added an amendment to the bill which will enact a federal version of rules very similar to California's Foreclosure Consultant Act. Kohl's bill was co-sponsored by Senators Susan Collins (R-ME), Blanche Lincoln (D-AR), and Barbara Mikulski (D-MD). The Senate approved the amendment.
Among other things, the proposed rules will require foreclosure consultants to provide a three day right for a homeowner to cancel a contract and disclose any third party consideration in a property, and will prohibit consultants from collecting fees … (2 comments)
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government: Senate approves foreclosure bill 78-10, Fannie Mae & Freddie Mac lay an egg - 07/08/08 09:31 AM
Yesterday, the United States Senate overwhelmingly approved a bill to help struggling homeowners avoid foreclosure. The bill must now be approved in the House of Representatives, and the two versions must be reconciled (there were some differences between the two versions) and a final form approved before sending the bill to the President who has promised a veto. Of course, if the House approves the bill with a two thirds majority, the bill would be insulated from a Presidential veto.
News of the Senate approval, combined with a Lehman Brothers report about the impact of the bill, sent shares of Fannie … (0 comments)
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government: Property taxes: the latest sign of the housing market - 07/07/08 12:21 AM
Many California property owners have just received some news from their County Assessor's Office. That news is both a blessing and a curse. Many counties have reduced proprety tax bills because of the current slide in property values.
On the one hand, who wouldn't like to find out that they owe less in taxes? On the other hand, who wants more evidence that their home is now worth less than they paid for and/or owe against it?
The value reductions are built into our tax system thanks to Proposition 13, which allows temporary relief during housing value slumps. During the last … (0 comments)
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Jason Buckingham
Benicia,
CA
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