The House just passed a Bill entitled “Housing and Economic Recovery Act of 2008”. It is said as of this writing that the Barney Frank version just given the okay in the House is the piece of legislation that will be passed imminently by the Senate, and that Pres. Bush has now agreed to sign [...]
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Filed under: In The News
The San Francisco Chronicle has a piece today on the “Mortage Meltdown.” The gist is that the “freeze,” proposed by Treasury Secretary Henry Paulson, isn’t really a fix to help working families keep their homes, but a fraud, instituted to “prevent owners of mortgage-backed securities, many of them foreigners, from suing U.S. banks and forcing them [...]
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Filed under: In The News
Two pieces in the news on the current real estate foreclosure crisis…
First from USA Today on Freddie Mac:
Freddie Mac expects deeper losses
Stunning Wall Street with a $2 billion quarterly loss, Freddie Mac (FRE) on Tuesday warned that the worst is yet to come: It said its mortgage losses will deepen through 2009, and it’s considering [...]
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Filed under: In The News
First a little background info… “FM Policy Focus, formerly FM Watch, is a coalition of financial services and housing-related trade associations working with affordable housing and consumer advocates, taxpayer groups and financial institutions. FM Policy Focus is dedicated to monitoring the activities of two government-subsidized enterprises (GSEs), Fannie Mae and Freddie Mac.”(FM Policy Focus is [...]
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Filed under: Uncategorized
As home prices continue to slide and we are in the midst of record foreclosures, as Pamela noted here a few days ago, I wanted to share with readers my perspective of the impending housing meltdown.
I first began selling mortgages in 1993. At that time the riskiest mortgage available was a loan to persons in a [...]
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Filed under: In The News
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