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down payment assistance: Down Payment Assistance Needed - Call Congress for upcoming lameduck session - 11/10/08 06:41 AM
With all the misspent funds for the $700 billion Bucks for Banks program now well underway, we are still left with millions in home inventory and millions of prospective home owners unable to buy because of a lack of down payment.
Congress will meet next week and look at economic stimulus. The approach will be to spend more money.
If housing is at the center of the problem, it is time to take another look at proven programs that do not use the US Treaury.
Restore 100% conventional programs - My Community, FNMA Flex, Freddie 100, Home Possible, Community Reinvestment Act programs. I have … (8 comments)
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down payment assistance: Federal response market recovery - 10/07/08 08:07 PM
The market response after the bailout bill has been disappointing, but the bill actually did little to address the economy's problem. As massive as it is, as costly as it is, as loaded with pork as it is, the bailout did not address foreclosures, home inventory, unemployment, unfreezing the credit markets, or increasing home lending.
The bailout seems like a good solution to working out solutions for bad mortgages, and I think it will not be too costly to the US Treasury. It just does not address the problems.
This week the Federal Reserve has taken creative steps to move the economy … (4 comments)
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down payment assistance: Mortgage rescue, foreclosure relief, downpayment assistance - 10/01/08 08:42 PM
Mortgage bailout, $700 billion rescue plan The Senate has just passed the mortgage market rescue plan. The bill itself has grown from the original 3 page Treasury proposal, to a 110 page rewritten House bill, and now stands at whopping 451. My question is how many of the Senators voting tonight have read the bill.
Several of my posts on this bailout have expressed a hope that the bill would be limited to the rescue plan - vote for or against, but do not fill this bill with a bunch of add-ons. That did not happen. This bill is loaded, as … (7 comments)
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down payment assistance: is downpayment assistance lost in the push for $700 billion bail out? - 09/22/08 11:05 PM
Meanwhile back at the down payment assistance ranch, time is running out. The consensus is that the legislation will pass the House floor vote. Many had thought it would go to the House floor by now. Likely the debate over the $700 billion bail out of the global financial markets has pushed the consideration of the Down Payment bill, HR 6694, back on the agenda.
Even if the bill can pass the House vote, the word that I am getting is there is no support in the Senate. An Ameridream state representative told me today that efforts are underway to find sponsors for … (13 comments)
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down payment assistance: Seller Funded Downpayment Assistance not done yet? - 08/03/08 07:17 AM
Evidently the final word on seller funded down payment assistance for FHA purchases has not be said. It had surprised me that this week had passed with not word from any of the DPA programs after the Housing Bill had passed Congress and eliminated seller funded DPA.
Friday night I received an email from Ameridream announcing somewhat optimistically "Congress to Reauthorize DownPayment Assistance."
Quote taken from Ameridream email - in italics. Last night, Congress introduced bipartisan legislation, H.R. 6694 that would reauthorize and reform charitable downpayment assistance. This bill would remedy a harmful provision in the new housing law which limits homeownership … (15 comments)
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down payment assistance: HUD on Housing Bill - Not real happy? - 07/28/08 03:06 PM
HUD Secretary Steve Preston in a press release hints that the Housing Bill will force FHA to "increase prices on all customers or eliminate its refinancing program for subprime borrowers at a time when they need it the most. "
The press release regarding FHA provisions in the Housing Bill is available on HUD's website. The release is dated July 23, but I have not found any updated releases on the website. It seems to me that HUD received most of their requests with the Housing Bill.
Certainly they were able to ban Down Payment Assistance. They increased the minimum investment requirement from … (16 comments)
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Richard Smith FHA VA Rural Development in TN GA
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