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In last week's DealWire I wrote about how much of the current buzz in the industry is focusing on how the meltdown is dragging the economy down. Roger, a DealWire reader, responded back to the article with this comment:
The answer is easy .. Private sector banks can solve this overnight ..Lenders need to extend or freeze at the initial interest rates on all option ARMS or ARM loans for about 2 years .. Hold rates and payments at the lowest level ..
Well, it seems as though Roger may have some inside connections (thanks Roger).
I'm sure you've read about it by now, but in case you've been under a rock, the Bush administration is in the process of finalizing a plan (with the help of some key lenders) to freeze interest rates. I'm not sure if this gesture by the Republicans is simply a power play to over-shadow the Democrats - who were in the process of creating a bill themselves to tackle the mortgage dilemma. But either way, the goal is to help people who are struggling to stay in their homes, and that is a step in the right direction.
Well, a step for some home owners anyway.
That's right, this new proposal is designed specifically for consumers who are currently able to make their mortgage payments, but will fall short when their rates reset. For those home owners who can still scrape by at the newly adjusted rates (even though they might not be able to buy groceries) - sorry! And for those home owners who can't make their current payments, and have no chance of making the new one - sorry!
Man, I'm glad I'm not in the instant replay booth making the final call of who keeps there home, and who gets put on the streets.
I realize that any step in the right direction is a great start. While this plan will help some people, and may give a boost to the overall spirits, there are larger issues at bay. This solution only helps tackle a small fraction of the loans with rates that will re-set in 2008. The bigger picture is what are we going to do to stabilize the economy in 2008 when it all comes crashing down. And what are we going to do in the coming years to make owning a home - the great American Dream - a reality once again?
Companies are losing billions of dollars, even ones like Fannie Mae who we hoped would help us wade through the crunch. The American Dream is slowly foreclosing on millions of families, and evading millions more. We've sat on the sidelines long enough, watching the meltdown slowly deteriorate our beloved industry. We're smart enough to get back on track, and now is the time to do it.
Get your thinking caps on.
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Chris Beauchamp |
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| Here at DoublePositive, we’re big fans of LinkedIn. Every person in our organization, no matter what their function, has a LinkedIn profile. We use it to generate sales leads, network with partner companies, to rectuit potential employees, to interact with a larger community — we even use it to promote the blog you are reading right now.
Full Story
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Reuters |
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| Equity investors cheered news that the U.S. Treasury Department is working on a plan with mortgage industry leaders to save struggling homeowners from foreclosure, but analysts said it will not completely save banks from home loan pain.
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WSWS |
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| The Bush administration is seeking to obtain the agreement of major US banks, mortgage lenders and servicers, and financial institutions holding subprime mortgage-backed securities to freeze the interest rates on some subprime loans that are scheduled to reset at higher rates in the coming months.
Full Story
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MLive |
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| Economic growth in 361 metropolitan areas will slow as a result of the nation's mortgage crisis, according to a study by the U.S. Conference of Mayors.
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Fortune |
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| Could Fannie Mae be the next large financial company to announce billions of dollars of market losses on bonds backed by distressed mortgages?
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AP |
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| Cerberus Capital Management LP and H&R Block Inc. said Tuesday they terminated their agreement for Cerberus to purchase H&R Block's mortgage subsidiary, which has now stopped accepting new mortgage applications.
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Chronicle |
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| Nevada's economy should be so strong by 2009 that a housing shortage may be the big concern rather than the current mortgage crisis and heavy surplus of homes for sale, an economist told lawmakers.
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OPEdNews |
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| "Federal Reserve Chairman Ben Bernanke on Thursday hinted that another interest rate cut may be needed to bolster the economy. Just a day before Bernanke's speech, the Fed's No. 2 suggested the central bank may be inclined to slice rates again because of Wall Street's turbulence and the worsening problems in the housing and credit markets."
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BostonHerald |
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| As the subprime market collapse spirals, a local law firm has created a new group to deal with its impact.
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NorthwestHerald |
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| Step inside the renovated Countrywide office in Crystal Lake and you’ll be offered help with money market accounts, savings accounts and CDs.
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LATimes |
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| A federally sponsored plan to stem home foreclosures by having lenders freeze "teaser" mortgage interest rates for certain high-risk borrowers could be announced as early as this week.
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ChicagoTribune |
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| With foreclosures increasing rapidly in Illinois, Gov. Rod Blagojevich is urging federal officials to give homeowners a reprieve from skyrocketing mortgage rates.
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National |
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| Nearly one year after Ontario introduced new legislation designed to curb mortgage fraud, the problem remains acute as the province's housing market continues to surge.
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KCBusinessJournal |
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| Another defendant in a recently revealed mortgage fraud pleaded guilty on Monday
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