Posts Tagged ‘President Obama’
Tuesday, November 17th, 2009
Using some of the interest paid back to the government on money lent under TARP, Rep. Barney Frank is proposing a bailout for homeowners who are having difficulty making mortgage payments due to unemployment.
The Obama administration’s plan to fix the mortgage crisis has been criticized for being light on aid to unemployed homeowners. A congressional oversight panel revealed in a report last month that the $50 billion program “was not designed to address foreclosures caused by unemployment,” now the main cause of default.
Franks proposal, actually developed by Congress in the 1970s but never funded, was part of legislation introduced in September titled the Main Street TARP bill. Rep. Barney Frank is chairman of the House Financial Services Committee.
“These are people who are very responsible, very thoughtful. They got a home, it’s above water, they’ve got equity, but they’re unemployed, and you can’t afford mortgage payments on unemployment,” said Frank.
If passed, it would provide $2 billion for low-interest loans to unemployed homeowners who have the prospect of being able to continue making mortgage payments in the future.
Rep. Barney Frank is chairman of the House Financial Services Committee.
DHW asks: Do you know anyone in default of their mortgage due to a loss of employment?
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Tags: barney frank, congress, homeowners, main street tarp bill, President Obama, tarp, unemployed, unemployed homeowners
Posted in barney frank, foreclosure, homeowners, main street tarp bill, tarp, unemployed, unemployed homeowners | 1 Comment »
Sunday, November 15th, 2009
The Capital published an intriguing article addressing the potential side-effects of expanding the housing tax credits beyond first time homebuyers. The article raises some fair questions with regard to existing homes needing to be liquidated so that current homeowners can take advantage of the housing tax credits now afforded to them. The Capital article focuses on housing inventory in D.C. and its surrounding area. However, this potential side-effect could present itself in other parts of the country.
DHW asks: Do you think expanding the housing tax credits beyond first time homebuyers will increase housing inventories?
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Tags: $6500, $8000, $8000 tax credit, 6500 tax credit, 6500 tax credit extension, 8000 tax credit extension, buyers, congress, extension, first time buyers, first time homebuyers, home buyers, home sales, home seller, homebuyers, Housing, housing credit extension, housing inventories, housing inventory, housing news, inventory, Obama, president barack obama, President Obama, Real Estate, real estate news, Sales, seller, tax credit, tax credit extension, The Capital, worker home ownership and business assistance act of 2009, worker homeownership and business assistance act of 2009
Posted in $6500, $8000, H.R. 3548 Worker Homeownership and Business Assistance Act of 2009, Housing Article, The Capital, first time home buyer, first time home buyers, first time homebuyers, housing inventories, housing inventory, housing tax credit, housing tax credits, inventory | 1 Comment »
Thursday, November 12th, 2009
Tags: $6500, $8000, $8000 tax credit, 6500 tax credit, 6500 tax credit extension, 8000 tax credit extension, Builders, buyers, congress, employment, extension, fannie mae, FHA, fha 203 k, fha 203 k streamlined mortgages, fha 203k, fha 203k rehab, fha 203k streamlined mortgage, fha approval, fha approved condo, fha approved condos, fha cash reserves, fha limits for my area, fha limits in my area, fha loan limits, fha reserves, fha's reserve funds, first time buyers, first time homebuyers, foreclosure, freddie mac, guidelines, home buyers, home sales, home seller, home values, homebuyers, Housing, housing credit extension, housing news, housing prices, housing report, lender, loan, mortgage, Obama, President, president barack obama, President Obama, Real Estate, real estate news, reserve funds, Sales, seller, worker home ownership and business assistance act of 2009, worker homeownership and business assistance act of 2009
Posted in FHA, Housing Article, foreclosure, rehab loan | 1 Comment »
Wednesday, November 11th, 2009
In a CNBC interview this morning, Realogy CEO, Richard Smith, called on FHA to increase its minimum required down payment of 3.5%. Mr Smith suggested the ‘risk profile’ will have to change to stave off foreclosures. This argument only perpetuates the myth that those who put less money down are somehow less attached to their home than those who put down a significant amount. Mr Smith should have taken the opportunity to call on the administration and Congress to cure the real problems that cause mortgage delinquencies.
The Urban Institute, a Washington D.C. based think tank, issued a study recently that revealed some interesting, though not surprising, data. Those who put little or no money down tend to be more poor than those who put, say, 20% down. They are also less likely to have health insurance. Someone who has health insurance is more likely to miss less work due to an illness than someone who has no insurance. This is only one example cited in the Institute’s report.
Although many pundits, including Mr Smith, suggest the nation’s recovery is tied to housing, it is not. It is tied to job creation. You cannot have a 10% unemployment rate and expect to have a stabilizing housing market.
Reology is the world’s largest brokerage operator. They own Coldwell Banker, Century 21, Better Homes and Gardens Real Estate and ERA.
DHW asks: Do you think the FHA should increase its minimum required down payment?
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Posted in 203k, Editorial, FHA, Housing Article, foreclosure, health insurance, realogy | 1 Comment »
Tuesday, November 10th, 2009
Critics of the Housing Tax Credit were quieted, if only briefly, when the National Association of Realtors (NAR) released data for third quarter home sales. According to the trade group, home sales increased by nearly 6% over this same time last year. Despite the spike in sales, prices have fallen more than 11% during the same period. The U.S. median existing single-family price for the third quarter was $177,900.
Opponents of the housing tax credit feared an inflationary reaction in home prices. Although housing inventories are down, existing units still outweigh the demand.
NAR chief economist, Lawrence Yun, predicts home prices will stabalize next spring. His prediction may be overly optimistic. Foreclosures and short sales made up 30% of thrid quarter sales. There is no real evidence to suggest foreclosures will take a breather in 2010.
DHW asks: Do you see a bottom to the housing market?
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Posted in Housing Article, home sales, housing tax credit, realtors | 1 Comment »
Saturday, November 7th, 2009
DesperateHouseWise.com added a new page to its site. Modification Center offers helpful information for homeowners seeking a loan modification or refinance. Find information about Making Home Affordable and local foreclosure prevention events. You can even find a free, HUD-approved housing counselor.
DHW also added Housing Tax Credits. This page provides in-depth information regarding the recent extension and additions to the housing tax credits.
DHW asks: Have you applied for a loan modification? How was your experience?
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Tags: $6500, $8000, $8000 tax credit, 6500 tax credit, 6500 tax credit extension, 8000 tax credit extension, and Business Assistance Act of 2009, bill h.r. 3548, buyer, buyers, counslor, fannie mae, first time buyers, first time homebuyers, foreclosure, foreclosure prevention, guidelines, h.r. 3548, home, home buyers, home owner, home owners, home seller, homebuyers, homeowner, homeowners, Homeownership, house, Housing, housing counselor, housing news, housing report, housing tax credits, lender, loan, loan modification, loan modification letter, modification center, mortgage, Obama, President, president barack obama, President Obama, Real Estate, real estate news, refinance, seller, tax credit, tax credit extension, Worker, worker home ownership and business assistance act of 2009, worker homeownership and business assistance act of 2009
Posted in Housing Article, foreclosure prevention, housing counselor, housing tax credit, housing tax credits, loan modification, loan modification center, making home affordable, refinance | No Comments »
Friday, November 6th, 2009
President Obama signed bill H.R. 3548, extending unemployment benefits for all states and extending the $8,000 Tax Credit for first home buyers. The bill also creates a $6,500 tax credit for those home buyers who have owned their current primary residence for at least 5 years. See ‘Housing Tax Credits’ for more details. You can also see how congress voted.
Remember: The $6,500 tax credit took effect when the President signed the bill.
DHW asks: Will this encourage you to buy a home?
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Posted in $6500, $8000, Housing Article, President Obama, housing tax credit, housing tax credits | No Comments »
Friday, November 6th, 2009
President Obama is scheduled to sign bill H. R. 3548, extending unemployment benefits to all states. When signed, the bill will also extend the $8,000 tax credit for first time home buyers as well as initiate a new $6,500 tax credit for those home buyers who have owned a primary residence for at least 5 years.
On Thursday, the National Association of Realtors released detailed guidelines and a Frequently Asked Questions brochure for the tax credits. The new $6,500 tax credit takes effect the day the President signs the bill.
DHW asks: Do you think the new $6,500 tax credit will help boost real estate sales?
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Thursday, November 5th, 2009
The House of Representatives overwhelmingly approved an extension of unemployment benefits to all 50 states, and the popular $8,000 tax credit to first time home buyers. The measure also allows a $6,500 tax credit for home buyers who have owned their primary residence for at least 5 years. President Obama is expected to sign the bill as early as Friday.
The National Association of Realtors released detail guidelines and a Frequently Asked Questions brochure for the Tax Credits on Thursday.
DHW asks: Will the Tax Credit extension encourage you to buy a home?
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Thursday, November 5th, 2009
Fannie Mae is expanding its ‘Deed for Lease’ program to help thousands of homeowners facing foreclosure. The program is designed for those who want to stay in their homes but do not qualify for President Obama’s loan modification program. Participants transfer their title to Fannie Mae and rent back for up to one year.
Some facts about the program:
- Fannie Mae has hired an outside agency to manage the properties (name of agency has not been released)
- Rent cannot exceed 31% of the homeowners’ pretax income
- Homeowners must be able to prove they can afford the market rent (established by the management company)
- Participants must use the home as their primary residence
DHW asks: Do you think ‘Deed for Lease’ is a good idea?
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Posted in Housing Article, deed for lease, fannie mae, foreclosure, lease, rent | No Comments »