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Rescue plan to be voted on, Sept 29th Market Update

By
Mortgage and Lending with Caliber Home Loans CHL NMLS# 15622 CHL NMLS# 15622
Hello Friends! I hope you are having a magical Monday. Well it looks like our elected officials actually came to an agreement on something, over the weekend no less. Some of the major concerns of the Congress, and more importantly us, the voters, were addressed in the revision of the “Rescue Bill”. Things like no golden parachutes for these CEO's walking away with ten's of millions of dollars after they run their ship into the ground and there are even provisions that the current CEO's will have to pay back money if their companies do not perform as projected. Also, instead of 700 billion, only 250 billion initially is to be released with another 100 billion at the president's discretion in coming weeks and months. Another major point is that the reason for the major reduction in the billions initially discussed is that was going to be committed is that the government is going to insure these bad loans, not buy them. So the government is staying out of becoming a mortgage company, only the insurer, putting responsibility and risk back on the companies being bailed out. There is a lot in this video I covered so please see the video for projections and what comes next. Be Blessed!

Comments (1)

Jimmy McCall
JimmyMcCall.com - Cunningham, TN
The Ex-Mortgage Consultant

Travis, I like the idea of insuring the loans.  By insuring the loans they will become a marketable security again.  I think that messure alone will have a big effect.

Sep 29, 2008 04:01 AM