obama: Washington's latest efforts to modify loans
- 02/13/09 07:12 AM
The Obama administration announced yesterday that they are going to unveil yet another plan to modify loans en masse, this time allowing for home owners that are not behind in their payments to qualify for a loan modification. The plan could allocate up to $50 billion in TARP money that would be used to help subsidize the loan modifications. This appears to be the "sweeping" effort to prevent foreclosures that I have written about before. I understand the need to keep Americans in their homes as everybody loses when homes are foreclosed on. Families are impacted, neighborhoods suffer, and banks lose … (0 comments)
obama: Congress is bringing a knife to a gun fight
- 02/06/09 07:05 AM
If you've seen the movie the "Untouchables" with Sean Connery, you probably remember the line where he says something to the effect of "bringing a knife to a gun fight", only he uses a term that I won't repeat. Well, that's exactly what Congress is doing with their proposed housing stimulus plan that is making its way through the Senate, they are bringing a knife to a gun fight and they have been now for nearly a year. And that's why the housing market has and will continue to deteriorate. The latest of Congress' efforts is to provide a 10% home-buyer … (7 comments)
obama: Obama's $7,500 First Time Home Buyer Tax Credit 2.0
- 01/31/09 02:11 AM
As part of President Obama's economic stimulus plan, a $7,500 first time home buyer tax credit has made its way into the legislation which has already passed in the House this week. The proposed new $7,500 first time home buyer tax credit is a revised version of the tax credit that was part of the Housing and Economic Recovery Act of 2008 which was made available to first time home buyers that purchased a home between April of 2008 and July of 2009. The original legislation required the tax credit to be repaid over 15 years, basically, it was an interest … (27 comments)
obama: Obama's "Sweeping" Effort To Prevent Foreclosures
- 01/20/09 04:53 AM
I like the word "sweeping" because that is exactly what the result will be of any plan to prevent foreclosures in the absence of a complimentary plan to stimulate demand for real estate, regardless of whether Obama spends up to $100 billion on this objective as has been rumored. It will simply be sweeping the problem under the rug only to have to deal with it at a later date and in the process we will be spending billions of tax payer money. And no, lower mortgage rates are not the complimentary plan to stimulate demand for real estate. However, stimulating investment … (10 comments)
obama: Not Another "Stimulus Check"
- 01/08/09 04:38 AM
President-elect Obama announced today during a speech that as part of his stimulus plan he was going to offer 95% of working families a $1000 tax cut. Didn't President Bush just do this in a different form in May of 2008 as part of the Economic Stimulus Act of 2008 when they mailed out checks to millions of Americans? It was a bad idea then, it didn't resolve any of the systemic problems with the financial and economic crisis, and it cost tax payers in excess of $100 billion (remember, the government actually doesn't have any money to give us, they borrow it - and we … (10 comments)
The Obama administration announced yesterday that they are going to unveil yet another plan to modify loans en masse, this time allowing for home owners that are not behind in their payments to qualify for a loan modification. The plan could allocate up to $50 billion in TARP money that would be used to help subsidize the loan modifications. This appears to be the "sweeping" effort to prevent foreclosures that I have written about before.
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