stimulus: Still more we need to do. Letter to my Congress Person
- 01/13/09 01:41 AM
Dear Ms. Norton- In all the talk of Tarp funds and Stimulus Packages related to housing there is a missing element. We need a special short term loan program addressing those who are struggling and underwater. The program should be designed to allow these people to refinance the full loan value at the current reduced interest rates regardless of the appraised value of their property. By simply reducing the rates many homeowners could stay in their homes without clogging the courts with bankruptcy proceedings. The program should be designed to help prevent people from walking away from homes adding to the … (0 comments)
stimulus: Putting a Stop to Foreclosures is Not Enough.
- 11/25/08 10:28 AM
While I am pleased to see the Fed is finally focused on the foreclosure crisis, however we can no longer hope to successfully address the problem without simultaneously, stimulating existing home sales. Without absorbing the excess inventory the crisis will slow but continue to deepen. Clearly the $7500 Tax Credit (technically, an interest free loan) enacted by Congress earlier this year, was all but ignored and with good reason. Sidelined borrowers have been waiting for housing values to drop further, and so far they have been right. If we want to stabilize plummeting housing prices the best way to … (0 comments)
stimulus: Get new buyers off the sidelines now!
- 11/14/08 02:59 AM
I believe now that we have finally stepped up long overdue workouts of borrowers in foreclosure, it is time to focus on creating a stimulus package to entice buyers back into the market. New buyers could begin absorbing the glut of foreclosure vacancies and stabilize prices. Allow me to suggest the following: With the Fed being our de-facto mortgage lender for the foreseeable future it is time for HUD to step in and establish a short term Mortgage Stimulus Package with a temporarily reduced rate. Until the 1980's HUD set the FHA rates; as the market fluctuated loan points would vary … (1 comments)
stimulus: "Yes we Can" Get this Market Going Again
- 11/07/08 08:21 AM
A good deal of time has been spent talking about homeowners who are "underwater" and in need of relief ,but no one has addressed the backlog of solid potential home, and investment property buyers, priced out of the market at today's (relatively) high interest rates. Might I suggest we hold that torch for a moment and take a slightly different tack on our excess inventory? Since we the tax payers now own much of the banking industry why not offer a 6 month "FHA mortgage stimulus package" and reduce mortgage rates to a stimulus rate of 4.5%. (This is about the … (2 comments)
stimulus: Congress lets have a 6 month rate reduction for FHA to 4.5%
- 10/29/08 12:24 AM
Now more than ever we need a mandated rate reduction for FHA financing. This would be a tremendous stimulouus as follows: 1. Borrowers in trouble could refinance at a stated rate rather than negotiate individually. 2. Sidelined new homeowners would have an incentive to get in the game. 3. Lower rates mean greater buying power. This could stabilize the market more quickly.
Dear Ms. Norton-
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