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The Politicians Are Going to Save Us Today!!! They don't get that we need JOBS!!!

Reblogger Maria Rogers
Real Estate Agent with Aero City Realty

Another good article about the foreclosure freeze and the impact it has on the housing market in America including the ultimate impact of lowering the value of your home and mine

Original content by Mary Macy

Circus is in Town - Istock PhotoIs this an election year or what!!!! I am in the middle of this housing mess and I cannot imagine being a consumer reading the news and trying to make sense of what is going on right now.

Every time I read that Washington is going to pass more regulations and legislation to help save America from the business people trying to make a living out here I just want to go to Florida and sit on the beach.  The headlines are great this morning.  Right behind my daily drop from AR, I get my morning dose of reality.  Headlines on DS News this morning are amazing!!!  "Lawmakers Call for Federal Foreclosure Investigation"

We are going to be saved by Nancy and the Cal Democratic Congressional Delegation who is petitioning the Department of Justice to look into the "servicer's foreclosure practices".  I guess they did not read the Fannie Mae announcement.  This is just one month from the announcement from government owned and run Fannie Mae's announcement on 9/2 that:

"Fannie Mae issued a notice this week alerting servicers that it is monitoring all delinquent loans in its portfolio and mortgage-backed securities (MBS) pools to ensure foreclosures are handled within an acceptable time frame. By the tone of Fannie’s announcement, it wants these nonperformers off its books as quickly as possible"

Fannie Mae regulations do not allow foreclosures to happen until the loan is in serious default anyway, that is 120 days delinquent. Here are the allowable time frames for 4 states:  Florida – 185 days; Maryland – 90 days; Nevada – 150 days; New York (upstate) – 300 days; and New York (downstate) – 420 days.  In some states you cannot even start foreclosure for over a year!!!

Now I think most people know they are 4 months past due.  I am sure there are some people who may not, but a whole process has to happen before a loan goes into foreclosure.  I am sure the sheer volume of this mess is very perplexing, but I know in my communities there are many homeowners that are a year or more delinquent and still have not been placed in foreclosure!!!  Most of what is being foreclosed here is vacant properties that have been abandoned by homeowners and where the homeowners have mailed their keys to the bank and left (also know in the industry as jingle mail).  Do we seriously think that the banks want to lose money.

What makes sense here is that the banks don't want to foreclose, but Fannie Mae is threatening them just a month ago???  Does this make any sense!!!  I think it is just politics as usual and with no job incentive and not knowing what our tax rates or the cost of health insurance may be next year that most business people, banks included are perplexed about which way the Political news and regulations will push us next week.

I once heard that you cannot legislate good and I think that the sooner we get this and cut back on legislation letting the natural market ebbs and flows dictate the economy, the sooner we will get out of this situation!!!  I know this is a charged topic, but I am tired of the rhetoric from the politicians and ready to get back to business!!  What about you???

Top Agents Atlanta Metro

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Mary J Macy RealtorRoswell, GA

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Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

The legislator of today think they are gods and they have to do something.  If they got out of the way the market would take care of itself.

Oct 11, 2010 07:00 PM
Tni LeBlanc, RealtorĀ®, J.D.
Mint Properties, Lic. #01871795 - Santa Maria, CA
Tenacious Tni (805) 878-9879

I do wish for the day when the government gets out of the housing market.  But so long as we need their help I guess we can't complain too much.  Still getting over that tax credit.   

Oct 11, 2010 07:33 PM