How would you grade President Obama’s handling of the housing crisis ?

Real Estate Agent with ,GRI, Kiser Realty - The La Cita Group

Housing once was one of the focus areas for Obama during his first years in office - he tried to keep homeowners in their homes but has he done enough? How do you believe his performance on housing has worked or not worked.  What what do you believe needs to be done now?

Posted by

Jean C Kelly, GRI


Comments (3)

Jack Mossman - The Nines Team at Keller Williams in Stockton
The Nines Team At Keller Williams - Stockton, CA
The Nines Team at Keller Williams in Stockton

I would like to see two FHA parameters changed.  1) stop considering credits for "repairs and replacements, etc." as cash to the buyer.   As REO properties increase, these reservations result in fewer FHA buyers being able to purchase.  Few banks are going to re-equip lost appliances prior to closing; and 2) relax the owner occupied ratios in PUD's, condos and coops.  When the ratios go outof balance, in many cases the truly affordable housing units are only available to investors.  To a lesser, but still significant degree conventional loans are impacted in the same manner.

Aug 16, 2010 01:47 PM
Pamela Seley
West Coast Realty Division - Murrieta, CA
Residential Real Estate Agent serving SW RivCo CA

Jean, unfortunately no, he has not done enough.  HAMP has not worked.  I understand mabe 230,000 homeowners were helped by HAMP, but that certainly is not enough considering how many mortgages are currently in default right now, and how many homeowners have already lost their homes.  I heard some rumblings that maybe short refi's or forgiveness of principal might be introduced.   Too little too late? 

Aug 16, 2010 01:54 PM
Marnie Matarese
Showing you the best of Sarasota!

He has definitely not done enough to help homeowners in trouble.  But, he has done very little in his first two years to help anyone.  It is unfortunate that he has absolutely no business background and has never held a real job.  It is difficult to govern by theory and idealism.  One can only hope that he will surround himself with better advisors this next round and do something to get us out of this mess.

Nov 26, 2010 06:55 AM