Another HUD – Barney Frank Disaster on the Way!
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It is really amazing to hear people Bitch about something that they have NO clue about.. These Morons should get the facts before tooting a horn that is way too loud, and especially since they had NO Clue
How ’bout we start with demanding publicly funded elections? Because privately funded elections certainly are not working- while we are at it let’s make sure electronic voting machines are outlawed- or at least inspected by a credible third party not working for the manufacturer.
As long as it takes so much money to get elected arguing about Dems and Reps is ridiculous- after all, a Democrat will kiss you before she screws you and a Rep won’t- but either way you get screwed. WAKE UP! Campaign finance reform now!
Why would you think a “boob” like Barney Frank; or for that matter any of the morons we have in Congress could come up with any worthwhile plan to help the American people out of this housing disaster they have worked so hard to create. We need to Foreclose on Congress and evict the bas…..ds!!!!
Of course they can afford to throw this money away due to the fact they are receiving an steady monthly amount from all the people who are suffering the increase of the new and very high monthly Mortgage Insurance which in CA is 1.25%. This is a joke!!!! When are they going to stop? The whole world is laughing at us….
I absolutely agree with Brian. Please stop and think. Please use that money towards downpayment assistance programs. We need to move our economy not throw more money away.
Is anybody listening?
Don’t spend this billion, or the other trillions of TAXPAYER’S money that we waste – hey govt., in case you weren’t aware, WE ARE FREAKING BROKE!!
The Host asks to respond to whether or not to use the funds.
The existing situation requires drastic measures from the citizens, not the government. With the unintended consequences from all of these programs prove the point that to continue with yet another program to “save” the public will end like all the ones from the past.
The short term runs up of a market completely inspired by the government’s attempt to make homeownership “affordable” got us here today.
The phrase creeping incrementalism, layers upon layers of government regulations and manipulation of free market with corpunism from the right and social engineering from the left, has slowly changed this country.
Until a closer following of the constitution, the replacement of the crushing tax system with a “fair Tax”. Only than with a willingness to accept personal responsibility of one’s fate and personal charity directly to the ones in need around you will we possible rebound from such an onslaught of debt this country is under.
Or you can put all your faith into a talking head that promise you he has the right trillion dollar program that will make everything alright and you don’t have to worry about it.
I would very much agree with you. Thank you for sharing.
Amen!
The congresspersons (Hey, you! all medical for me and ma family is paid by you patsies, I mean taxpayers, so must mean you like us doing what we’re doing in da congress) often decide to make a good show that is a perfect token (Thas no token bub, thas real help), as shown by congress helping a whopping 1/10 of 1%.
I think I’ll help the IRS by paying 1/10th of 1% (Hey smart alec, me an ma pals in congress and our corporate friends done pay no taxes, thas why we call you ‘taxpayers!’), so they tax and we pay to keep helping the country we love, to screw us with more foreign wars and bulbous financial bailouts for big transnationals and the oppressive US Federal Reserve.
After all, they’re our LEADERS. They must know more than we do. Right?
CHEAP and FAST……Charge the borrower $500, pay the appraiser $200, deny the loan, keep the $300 without ever lending a dime. Great business model. Eevn better if you can outsource to India an \alternative valuation product\ for say $5.00. The four big banks are sitting on a ton of cash, have laid off every experienced person they could, and have had record profits and earnings. What recession ? Regulation….no we can’t have that…….
This is a NEW market propped up by Bubble Ben and cohorts and it’s based on corruption and bailouts and transfer of wealth to the elite. There is good reason it never worked before and it won’t work now. IMHO
It’s another obamanation (variation on abomination)
They will never deal directly with the problems, only offer bandaids as a solution to gaping wounds. UnObama 2012!!
I’m voting Ron Paul. Interesting that he’s the only real anti-war candidate MSM offers – yes?
@5pence, I know you love Ronny baby and he certainly has some intelligent things to say but I wonder, maybe you know, does he get any money from big corporations? If so, how much? I’ll be doing some research before the 2012 election because ANYONE taking money from big corporations, no matter how good their intentions, begins to take their perspective (at best) or outright goes against the best interests of their constituents to keep the money rolling in and their own wealth in tact (at worst).
BITCH…BITCH…BITCH
Are there not enough discussions about how screwed up real estate and the economy in genral is. Okay we know, we get it.
Lets try POSITIVE COMMENT FRIDAYS
When posting to TBWS on Fridays everyone should keep the bad views off their computer keyboard and point out something positive they have heard about in the last week.
Maybe your a LO that has found a new organization to work for that really does a great job with your files.
Maybe your a real estate agent that has a listing presentation to help convince non distressed sellers to price their homes to sell.
Maybe you and a partner run a daily video blog and decided to be 100% positive throught the entire show.
Its worth a try, lets make Fridays GOOD FRIDAYS….
@doitright, I agree about seeing the positive in every situation. There’s a group on Facebook for unemployed, underemployed and self-employed people who need to monetize (or re-monetize) their business called Master Minders for Gold (Manifesting Occupational Abundance). If there’s anyone reading this who isn’t making the kind of money they would like and want good news, positive mental attitude reminders and tools for connecting with the Source within, click the link on this reply.
How do we combat the ridiculous comp values – or do we just have to accept that its the standard for the times we’re in? By its very nature a comp based on a house being off-loaded at under market value will immediately disqualify the neighborhood effectively from qualifying for refis. It’s at the core of the problem with housing which politicians and bankers don’t seem to gather – affects employment.
Here we go again! The Dems but us in this so called recession and they are still screwing up! It is just a vicious circle. If the banks would loosen up the credit the housing market would rebound and we would be out of this recession.
A billion is a difficult number to comprehend, but one advertising agency did a good job of putting that figure into perspective in one of its press releases:
A billion seconds ago it was 1959.
A billion minutes ago Jesus was alive.
A billion hours ago our ancestors were living in the Stone Age.
A billion dollars ago was only 8 hours and 20 minutes, at the rate Washington spends it.
Um, let’s stop throwing money at things and fix the real problems. One of the many being that it is too damn hard to get a loan these days! I understand and appreciate necessary guidelines, but it is getting ridiculous. Give us a little wiggle room here…that would be a small start.
I have 2 houses behind me that both went for hgh money all cash deals. They would have very positively impacted comps except I’m told they won’t be available as they were not subject to lender scrutiny. So cash buyers are all dumb now even though they got 15% discounts on the asking price. With that logic we have no hope.
With only repos and short sales on the emaciated loan market maybe F & B can enlighten us how we get all our A+ clients to refi without the guys resorting to selling us their next dog & pony show.
Idiots – Idiots are in charge, when i read about this when it was first coming i thought, “What idiot thought this would be helpful???”
The “idiots” who are losing their homes due to economic hardship might find this helpful. Maybe even loan officers, Realtors and appraisers who need the foreclosures to stop ruining value (if this program were on a bigger, more meaningful scale). I haven’t done much research on this program and like all government programs to help the average Joe, it will most likely be poorly managed and have unanticipated consequences but to the luck few who get 2 years of house payments paid, this can mean the difference between life and death (literally).
Rosemarie, sometimes, bad things happen to good people. A person very near and dear to me had to deal with his invalid wife who was battling brain cancer for well over two years. Spending so much time with his wife, he turned his business over to a manager who not only ran it into the ground, but also stole from its coffers.
Then, his wife died. His business of almost 30 years was so ravaged that it failed. He was forced to declare BK, and his house was foreclosed on.
Before all this, he had credit scores in the high 700′s.
Even after all of these events, he didn’t think to ask for a bailout, and I assure you, no one, especially not the government, offered. I don’t believe anyone in this discussion, especially not I, feels that the potential recipients of this grab bag offer are low lifes or would choose to be on the dole. Although some might be, I believe that the vast majority encountered unfortunate life altering events that they need to deal with as best they can. I do not believe that anyone here is judging, discriminating or thinking lesser of the people in dire straights and in peril of losing their homes.
My friend got through his “living hell”, and, from my observation, he’s an even better and happier man today for it. All it takes is faith and creativity, concepts that seem to be fading in our society.
The point is this proposal, crafted by Barney Frank, is NOT an answer to our nation getting back on its feet. It’s like a lottery, where few will win, but all will pay. To me, it quite obviously smacks of political pander.
AbleRonny, you’re probably right about the political pander. I certainly won’t argue that. I have little to no faith in any bill designed to help the little guy from Democrats or Republicans. But some of the things Frank and Brian said in the show about “helping people who can’t help themselves” was offensive (I know some people in very tough situations through no fault of their own). As I said in some other comments, I’m not arguing the plan will work (think mortgage modifications), just trying to give another perspective that doesn’t necessarily center around the real estate industry’s short term buying frenzy. And the bank bail out was supposed to avert the foreclosure crisis – but only benefited the banks, not the people hurt by predatory lending or the global economic collapse.
I am a Realtor in Homestead, Florida. (Florida and California take turns being the #1 state in number of foreclosed homes) I am not unemployed. I am not under employed, just under paid.I have lots of SHORT sale files that take a LONG time. I also have lots of pre-approved FHA buyers with D/U letters, shopping in the 100K range. The short sales don’t close and the offers I write for Buyers don’t get chosen. (When one does get chosen, the property doesn’t appraise). Before the market collapse I worked 45-50 hours a week and I made a decent living. Now I work 50-60 hours a week as a Realtor. I have made less than $2,000 since January 1, 2011 in Real Estate. The banks and the government have effectively put me (and many other Realtors I know) out of business. I’ve made some money working at other jobs, but not nearly enough to pay the bills. I would love to have help to save my home from foreclosure through the HUD 0% emergency loan-however; Florida is not one of the States on the approved list. The government feels that we already have adequate help from the \making home affordable\ and other home loan modification programs available. HA HA HA!!!!!
This program is about one thing and one thing only…giving certain banks more bail out money.
Did you notice that the Obama administration \gives\ my tax dollars to two basic groups: Those really big corporations, who have obamanated the free enterprise system BUT donate big bucks to political campaigns; and those poor, unemployed, system suckers, whose vote can be bought with even a small handout.
This tells me that the federal gov’t. has way too much money.
Why does the Fed not just payoff all homes in the US! Whats another few trillion at stage of the game!
Getting. It wrong again mr frank. Just can’t get enough.
Find your local real estate investor and call all your account reps to get up to date on short seasoning loan programs. Also learn about credit repair. You may have to actually pick up the phone and call a few people but by the time some of you were done typing these long books complaining yet not doing anything about it, you could have set a hand full of appointments to pitch yourself as an expert. You see all these properties sitting around with grasses real high….these are properties that investors are drooling over. Guess what??? They can even do enough repairs to get past HUD property guidelines (position them for most first time homebuyers). There are programs like PHFA out there right now that help get $1500-$3000 for assistance of down payment and closing costs. Also 100% USDA for those in rural area (I know it doesn’t help with folks in high income areas but hey its another option). I guess my point is we all have to take accountibility for our actions and do what is necessary to change our own situations (just like the homeowners that are underwater and facing foreclosure regardless of \whos fault it is\). If we could all just look in the mirror and ask ourselves how we can change our own situation and actually take steps to do it….we would all be better off!
If you don’t like what the government is doing (I don’t neither) then forward this to everyone in your database. Average consumers don’t understand what is going on in politics are just big charades to get votes. We need to educate them on banking so that they understand when the politicians do their campaigning.
Sorry for the bad grammar. I’m a numbers guys….not an english teacher
Talk about Fair Housing, and non descriminatory, this billion dollar plans is all but…
This has nothing to do with helping anyone nor does it have to do with the housing market. It is all about getting votes by having bribe money on hand to give out to 35,000 families that will encourage others to put Obama back in office. Just folllow the money for this handout and pay attention to poll numbers and what states get the money. The mystery will unravel itself. As long as these politicians are bought & paid for nothing is going to change. Here is a tip for you…where was Obama last week?…what commonwealth is slated to get money from this program? Barney must be hanging aroung with his pot dealing BF too much again…
And bribe money for the banks who will have 35,000 fewer foreclosures on their books (35,000 more performing loans). And bribe money for the foreclosure firms who have to be paid to reinstate the original loan terms as part of the 90 days down/foreclosure process already started requirement. Would love to track those receiving funds and the corresponding banks who back these loans.
What a hoax by the DC players. Just like the FED stating that inflation remains flat… WHAT A HOAX!
I knew about this a few months ago and asked, ” Why not just also make the person do some good, so it is not a 100 % freebee. Have them scrub grafiti off walls, sweep streets, help the elderly , make them do rehab for government properties. These people are never going to pay it back and the real plan is for it ti all come due during a Repbublican presidency . All they are doing is pushing 30,000 claims into the year 2013 , 2014. Just in time for running again . You see they know they lost in 2012 so the goal is to line up 2016 . I have to say I think we are all better not paying our bills and not even trying to earn a living. Other countries have us so beat it is sad so sad to say that as an American but so true , the USA in in bad hands .
1 Billion dollars to give away?? What a bunch of morons who elected this pathetic Democrat. At least Frank and Brian have the right idea, give those funds to the working yet struggling Head of Household throughout the 50 United States and forget Puerto Rico. Give me $5k and I’ll go to Puerto Rico and spend a bunch of money on a vacation!!
The problem is the government refuses to let the markets work on their own so that a recovery can actually happen. In a free market the banks would have failed and gone into bankruptcy. The goverment propped them up with our money and they propped up foreign governments too. Never mind the Fed bailouts for billionaires wives so they could keep shopping on Rodeo Dr.
As long as the government actually thinks it can create markets where none existed before, we’re going to keep having these bailouts. Our markets did not exist in corruption before, but they do now – and in my opinion, they won’t continue to exist no matter how much debt based capital we raise to prop them up. It’s doomed to fail. There’s a reason why these markets never existed before.
So we deal with Keynsian touts that say spend, spend and in the meantime, while we’re not looking, private enterprises and whole countries are buying out the land under our feet and our public utilities – because the country is bankrupt. Our sovereignty is being sold and no one seems to notice – because there’s no work, 4-5 wars, jobs are being outsourced at phenomenal rates, gas prices are artifically high and people are just too busy just trying to survive.
You do know that we will be rebuilding the cities we’re bombing, don’t you? All while America’s $1 trillion infrastructure is falling apart.
Dani Rodrik put it this way : “Democracy, national sovereignty and global economic integration are mutually incompatible. It’s possible to have any 2 but not all 3. It’s the inescapable trilemma of a world economy”
The banks goal of global economic integration is stealing our Democracy and our national sovereignty and government is doing nothing about it.
Are we going to do anything about it? Until a free market is restored by punishing the guilty, our bought government will continue on this path of selling our birth rights and our country through debt for the banksters goals – and they aren’t our goals. They seriously want to bankrupt this country.
So yeah, $1 billion isn’t much compared to America’s empire building thats costing us $2 billion a week -but that is the goal. Too make it appear the government is trying to help us but it never really intends to help us. Why include Puerto Rico? Is that helping us? It’s called inverted totalitarianism. We are in a totalitarian regime – make no mistake about it. Check out the definition on wiki.
1 more thing. Did you know that before we invaded Afghanistan they were supplying less than 10% of the worlds heroin? Now they are supplying about 90%. Why are we there? War profiteering and laundering drug money. America has turned into a crime syndicate under mobster rule.
This is what Jefferson said and it’s true today :
“I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”
Applause, applause. A person that speaks to the heart of the problems instead of just the symptoms!
Standing ovation!
I just ran into a possible opportunity for you to get some publicity and perhaps a spike of business. The reporter inquiry asks: Looking for experts regarding the Federal Reserve. Do you agree with Ron Paul that we should \End the Fed?\ If so, we want to hear from you.
If so, respond here: http://www.reporterconnection.com/index.php?p=pubse_response_query&qid=15724
Good luck.
Thanks guys, it’s appreciated. The truth must come out.
I’m checking out that reporter link – thanks New Paradigm. Maybe I can be an investigative journalist….and get paid! lol
Remember Hope for Homeowners – supposed to help 80,000 people and I think helped 13… Home Affordable Mods were supposed to help 4 million and we are stuggling to get to 1 million…
Seems to me you are right – use it as stimulus, not trying to patch sinking ships considering government bailout assistance track records from past and present! Just a thought!
I haven’t studied this program and am no position debate it is the answer to anything. My primary objection to today’s blog is the reluctance of Frank and Brian to support anything that helps unfortunate people and their insult to anyone who is having trouble paying their mortgage due to the economic meltdown.
To your comment, most of the money \taken\ in the form of taxes ends up going to corporate welfare and murder called war. The human Welfare programs do not give people the means to stand on their own. We hardly have an environment to foster prosperity through entrepreneurial exceptionalism. I’ll agree, our society has increasingly become dependent but argue that is by design and taking away opportunity for getting jobs (that we have become dependent on to survive) without giving any means for food and shelter is inhumane.
We have a crisis on our hands and need serious, fundamental change before we can even consider large-scale prosperity.
I guess buying votes is pretty expensive these days at $35k a pop! And the banks get a back door bailout too..killing 2 birds with 1 political move..That Obama is one smart guy!
You guys have it right! and so do the recent commets. Misguided for sure. Put that Billion and other found money towards the national debt, so we can slowly start reducing the national debt interest payments, instead of a back handed bank bailout.
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Another Bank Bail out program disguised by Barney Frank to mislead the public into thinking the government cares about helping the people.
You’re so right.
Government has taken on the job of backing loans.
These loans go ‘bad’
Government acquires properties and leaves them vacant.
Government should create a HUD division for property management and sub-contract to area real estate brokers to manage properties.
Less inventory on market, value priced rentals with $$ going back to government while this 5 year glut of problem loans makes it’s way through the system.
Renters have 1st option to buy after they have reestablished credit at then then current market value, which if its higher than now, government makes a ‘profit.’ (I know dirty word to Democrates, but it is what we are about)
Peace out!
Real Estate brokers get management assignments, listings and potential revenue from the renter being a buyer.
And sanity gets a little closer for us all.
Well thought out “everyone wins” solution. My vote goes to you.
Rosemarie, in general, at some point taking money from some to give to others must stop so the ones that are having the money taken from them can also live, otherwise no one will try, our society collapses and we all become destitute. If conditions were conducive to prosperity, then prosperity you will have and everyone benefits. If everything you work for is taken from you, prosperity is stifled. Opportunity and self reliance is what made the US great. In general we have moved from a nation of individuals seeking pride in independence who would shun handouts to a nation of victims that cry for assistance.
@competitionbenefitsconsumers, I left you a reply that ended up above.
People expect assistance when they pay:
Income Tax.
Social Security Tax.
Medicar/Medical Tax.
State Income Tax.
State Sales Tax.
County Sales Tax.
City Sales Tax.
Documentary transfer taxes.
Permit fee’s (taxes)
Business taxes
Mello Roos Taxes
Property Taxes
Alternative minimum taxes
fines (taxes)
Gasoline taxes
and the hundreds of other taxes, fee’s, fines and expenses of regulations that we endure to live in America. A person making 100k is hard put to have 20k left for person expenses! That means a 35k person has ZERO left.
Solution? Reduce the ability of the Federal government to print money.
Thank you for fixing the link to the Video Marketing Deal..looks great.
Slobbering Barney (the king jester of all jesters) strikes again. Defecit……what defecit? It ain’t his money so let’s keep spending on more idiotic programs that are doomed to fail before they begin.
I know….let’s just buy everyone a new Chevy and pay for the insurace. That will get GM stronger than ever and AIG will be back in the insurance game. Problem solved!
Please don’t let the king slobbering jester see this because he might actualy try to get it past congress.
Barney Frank again!
Barney is too conceited and impatient to study a problem. It is much easier to throw money at the symptom and in doing so he is able to pander for votes and campaign contributions – what a deal!
As others have said job creation is what’s needed – that’s what the $1B should be spent on, if at all.
As randel has said, like everything else in the Frank n’ Dodd bill this is another way to help the banks by slowing the number of foreclosures so the banks have more time to unload them.
The most amazing thing is that laws are passed without any study of how it will effect the industry and consumers, either good or bad! Just because someone thinks they have a good idea, doesn’t mean it is. Especially when they are not experts in the industry – there should be a law against that!
You have said it guys. What we need is Jobs & Money. But you all have forgotten that Jobs can be created only by the private sector – meaning where the money is – and that is not one of the optional functions the Government has. It is not supposed to compete with the private sector. The private sector – which is where most of the money is; it is not willing to INVEST is there is not profit. Regardless, everything that has been said. The money Mr. Barney Frank is offering is nothing more than welfare for the banks. They are the ones who will eventually benefit from this transaction. Like in any welfare expenditure, the money all will wind up in the banks. Banks rather gain 10% on the daily basis – in the currencies market – than give to the HOUSING industry to earn 3.99% yearly. Have you seen how money is invested in CURRENCIES…? Take a look at it in FOREXX and you will see. Then, we will understand the basic logic of our BANKING system; and the reasoning why we are the way we are.
I am with you guys; we need more MAIN STREAM AMERICAN JOBS.
STOP! Why are we continually trying to bail homeowners out? We get mad at the bank when they got bailed out yet we are the same ones with our hand out for 30k. There is a word for that. Our country is based on a capitalistic society. You succeed or you fail and hopefully learn from your failure. How can we grow if we stuck the the tit of America. Let the struggling homeowner fail or succeed on their own. The best thing we can do for them is create jobs. It’s like we’re giving crack to a crack addict. Life needs to happen for these people. I know my grandparents generation NEVER looked for handouts from the government, bailouts and unemployment, never. They were a proud and hard working generation. Unlike this one that can’t except life is hard and you need to take your lumps and bruises. Lets start rebuilding America and her infrastructure and create some jobs so people can bail themselves out!
How about another perspective guys? Okay, consider what would happen if the economy ever improves. Ya think these people just might get a job and resume paying their mortgage or do you think anyone who is out of work is lazy, without skill, talent and ability to ever be employed again?
You make a great argument for expanding this program. If this program was done on a meaningful level, it would reduce the number of foreclosures happening specifically because of the … unemployment crisis. What would that do? Raise home prices or at least keep them from falling further and begin to restore our economy. Isn’t that the point of government intervention? It would give the people who exhausted unemployment, still getting unemployment insurance or living off IRAs an opportunity to stimulate the economy with frivolous things like …. um … lets say food, electricity, gasoline, hair cuts so they are well groomed when they go on interviews . . . Are you trying to insinuate unemployed and underemployed folks don’t have a reasonable chance of repaying their debt obligations if the economy improves or are you saying you don’t think there’s a reasonable chance for the economy to improve in 2 years?
You appeal to personal greed of your viewers by baiting us with the option of giving the money for down payment assistance. Again, you are demonstrating short-sightedness. Anyone who has been in this business any length of time knows full well, any hint of a down payment assistance program puts the purchase activity to a near halt in anticipation of getting “free government money” to buy a house. When these dollars run out, business goes back to anemic. You neglect to mention the “no skin in the game” paradigm too. When down payment assistance buyers lose jobs or get hours cut, they have less of an incentive to keep paying the loan. On the other hand, people who have been paying on their mortgages for some period of time then lost their source of income have more of a vested interest in the house, the neighborhood and a history of maintaining a property, unlike first time home buyers. Furthermore, down payment assistance programs only help people in our industry, not the economy as a whole. This is self-serving greed with no long term concern for the whole of society. The biggest winners are the banks. They get to go into another round of profiting through foreclosure.
You insult anyone who is unemployed, underemployed or self-employed making less than enough to survive by calling them “People who can’t help themselves”. How many people in your audience are making too little to pay their bills while they are working 80 hours a week? With all of your big advertising dollars, have you, like our Congress, abandoned the people who you claim to serve?
Take that Billion and give it to the small businesses in this country who could help us out of this mess. Give them some tax credits and help so they can hire people and get the Country back to work. Oh I forgot, there is a Democrat in the White House and we need to squander the money to gain votes from those who have no inclination to work but want you and I to support them.
One more reason why government should not be making business decisions, they don’t have a clue. Another billion dollars wasted what is it going to take to get these guys out of Washington?
nyuot
Barney Frank was caught about twenty years ago sticking it to an underage male senate page and he has been sticking it to the rest of us ever since. If those in the financial services industry cannot muster enough cash and support to get the good people of the commonwealth to vote him out of office something is wrong with our collective sense of purpose. He is a cancer that is eating the body and soul of capitalism. Launch a nationwide campaign to support his opponent.
I think Barney has been correct about some things, but this one, not so much, it is a waste of One Billion Dollars.
I also think that you two are wrong about granting more downpayment assistance programs, it is highly self serving on your part.
If we want to see some real change, let’s bite the bullet and realize that a majority of these underwater loans are going to have to be written down. There is no motivation for anyone to stay in a home that is deep underwater.
Have the lenders appraise (jobs for the appraisers!) every home that is underwater, and write those loans to 80% of the value. If the owners sell within two years of the loan being written down 1/2 of the profits to the lender, 1/2 for the borrower.
The only way to dig ourselves out of this hole is not to sell more homes with downpayment assistance, it is to first work with what we have which is an unprecedented amount of borrowers that are underwater, that is the reality of where we are and why most homeowners go into default and foreclosure.
This makes me FURIOUS!
Barney Frank’s idea is imbecilic! To squander OUR money, which we DON’T have, on an absurd program that will assist so few within limited geographical bounds and may only delay failure is farcical! In addition, how will we even ever know if ANYone receives this “assistance”? It’s a crass insult to our collective intelligence.
I agree with Divedude and many others – there are clandestine machinations in motion that only serve Washington’s purposes. Barney Frank and a host of others need to be booted off capitol hill in disgrace for their many offenses against the American public. “We the people” need to denounce our previous pattern of apathy and get off our mutton butts before we get sheared again, because, if we don’t, someday, we will also be unceremoniously hauled off to the slaughterhouse.
If I recall correctly, a primary premise of democracy is that our representatives rule per the will of the people, NOT the other way around. I, for one, embrace that ideal and am willing to demand it of our public servants.
Barney Frank does make some good points. I think he is misunderstood and needs a better platform. If MSNBC could give him a show, I think we would all be inlightened.
Dude….you are just too stupid for words!!!!
We have officially reached ‘stupidest society on the planet’ status. It’s almost embarassing to admit I live in America. It’s time to thin the herd. Barney and his boys in DC are the first to go, then let those who can not sustain their own life on this planet suffer the same fate as every other oganism on this earth; perish. Just because you have opposable thumbs that allow you to fill out a welfare application doesn’t mean you desreve to be here. If you can’t provide for yourself and contribute to the ‘pride’ then go away, bye-bye, quit sucking up the oxygen of a producer. Survival of the fittest baby.
Silly Guys….Do you REALLY think the government cares about being sensible and fair? Much less, do you think Mr. Frank cares the least bit about the real problems of homeowners. THINK AGAIN!
You must be in the wrong business Armando, I’d love to get my appraisals in less than four days!
Four Day appraisals are available everywhere. Ask any appraiser who is knocking them out for $175 and travelling a couple hundred miles a day on the road. The big bank owned AMC’s actually give the appraisers the “comps” they want to see up front with the order. Together with a “estimated value” per the lenders Automated Valuation Report. Four days, no problem….although its a appraisal that you can’t use for anything…nice pictures maybe…..
THAT’S LIKE PUTTING A BANDAID ON A CANCEROUS BLISTER.
IF WE REALLY WANT TO DO SOMETHING ABOUT THIS NATIONA BAD ECONOMY AND HOUSING DILEMMA, LET’S CREATE AN INFRASTRUCTURE FINANCIAL AND REAL PRODUCTION SELF-SUFFICIENT MAIN STREAM ECONOMY – COUPLED WITH THE ALREADY EXISTING AND SO BADLY ADMINISTERED GLOBAL ECONOMY – AMONG ALL 50 STATES OF THE UNION; THEN WE MAY HAVE SOME PLAUSIBLE SOLUTION. IT MAY TAKE TIME, AND MONEY. IT IS TIME WE CREATE AN ECONOMY WHICH WOULD WORK THE GLOBAL AND FOR THE MAIN STREAM AMERICA TOO. THERE ARE WAYS TO DO THAT.
I hate to admit it but it’s time to turn this whole thing over to Rush Limbaugh! Today!
How much more evidence will it take for everyone to see this Socialist political agenda? Take away from the ones that have (the ones that work) and give it to those who don’t or won’t.
Barney Frank should write a book about “How to Screw Up the USA or 1001 Ways to Blow a Billion Dollars.” As long as he’s in congress he can write a whole series…
Unfortunately, we have Democrat leadership which are all about protecting their powerbase, punishing their enenies and rewarding their friends.
it’s not about democrat or republican….our entire political system is screwed up and keeping the parties divided only perpetuates it. Frank and Brian make good points, unfortunately, common sense and doing the right thing don’t seem to go hand and hand with government.
Fess up. Barney is on your payroll providing you with great shtick, right?
Someone explain to me why those who are making their payment or own their home have their money confiscated through the tax system to give loans to others who are not making their payment. How can this be justified?
because, it is not “fair” that you can make your payment and I cannot. Since life is supposed to be “fair,” there are only two options: (1) confiscate your money and give it to me so that we can both make our payments or (2) [preferable] confiscate your money and give it to me so that I can make my payment while you cannot (option 2 would be “fair” because I have already experienced being unable to make my payments, while you have not).
I just don’t understand why you people cannot grasp this basic concept.
“SOAK THE RICH” . . . ummmm, I mean . . . “SOAK THE EVIL SCUM THAT HAS MORE MONEY THAN ME!!!!!”
It is a mad, mad world, spending $1 Billion of our tax money to help so few is not good for the real estate industry. Your DAP ideas is good but how about a tax break for buyers of $5000.00. That would help out our industry more, and move the market in the right direction.
Again you guys are missing the point. Old Barney doessn’t give squat about homeowners. With it’s all about banks. 30,000 loan going into foreclosure now become performing (at least for a couple of years). Not bad. They can stay on the balance sheets at par. The banks can always collect the forclosure fees a few years from now. 30,000 families will be happy that they get to stay in their homes a while longer and will happily vote their appreciation. No losers here. What do you want to bet they will declaire this foolisness a success and pump a few more billion in to it. Barney and the banks. Will it never end.
Instead of wasting another billion, the government should garantee refinances for people who have always made their payments but cannot get a loan because appraisals are so low. Maybe by letting people have a lower payment they might be able to make it through this real estate depression.
Depression the the right word. They tell me Houston is in better shape than most other places. If that true, the rest of you guys are truly screwed. We,ve got thousands of houses setting empty and a rental market going gangbusters. What a mess.
We should all be insulted by this handout. Does it solve anything? Have any in the past panned out? It’s easy to hand out taxpayer’s money instead of doing your job. These people are not ignorant. Therefore, other motivations are at work here. Anyone care to speculate? At least at polling time, when someone asks you if you trust your government, you’ll know what to say.
Appraisals in less than four days!! That’s part of what got us into this mess in the first place. You guys must be desperate for sponsors if you promote these guys.
Stupid should hurt. Let’s see, 1 billion from an already minus budget is…. And I thougt the government had already created a jobs program…how’s that working out? What part of deficit don’t they get? Send Barney home and give his salary to the 30,000 unemployed homeowners, it will do a lot more good.
Hey guys: You need to check your geography! Your video summit is in the city of GLENDORA at the CITRUS VALLEY Association of Realtors. Chino and what is considered Chino Valley is located 11 to 12 miles to the southeast! (did I hear you say you’re gonna give me a free pass to the summit for helping you out? -lol-)
Barney Frank has made his contempt for mortgage brokers and the mortgage industry quite clear. He wishes to punish everyone for the actions of a few. I like that idea. Lets condemn a entire group of people, they are all mortgage brokers, so they are ALL must be evil. Great idea Barney!
Following this highly intellectual point of view, I now believe ALL gay men must be pedophiles.
If a home owner is 3 months behind, what is the smell test that they can re-pay within 2 yrs????!!!!! Another Program that makes No Sense.
OIY! Where did Barney Frank get is financial education, economic education and basic common sense? Put this to down payment assistance or better yet to job creation so folks can and will afford homes and end a small portion of the total country misery. My county alone has 17%+ unemployment. 30K folks and more Are behind on their mortgages in our 2 county surrounding area. so Really? This will help all of us for the greater good?
30K helped? NOT. Let’s see Government claimed HAMP would help 3-5 milion and to date only 200-500K have been “assisted”, much lack due to the loan servicers lack of organization, using folks off the street who know little or nothing about mortgages, let alone mitigation and then folks not realizing they truly need help navigating the banks to get a good mitigation whether short sale, modification or other resolution. So if comparative numbers are run, that means in reality maybe 3K people will be “assisted” into further debt. Nice.
Who dared to vote Barney back into office last term? He needs to go.
Any chance of maybe creating some new jobs with that billion dollars……. Why is job creation the last thing these public servants ever think about?
I with you Tim . . . Feed a man a fish, he eats for a day. Teach a man to fish, he eats for a lifetime. JOBS are what is needed!
Well said. Spending $1B on the private citizenry is futile. Get jobs back to this country. Until then, the whole thing is a s%^t show.
Another ill conceived handout! Just another side show to hide the fact that Frank, Dodd and this entire administration don’t have the guts or integrity to require banks to modify loans as that handout was intended. Homeowners try to be proactive and are told they don’t qualify until they are 90 days late. And then foreclosed on. What kind of stupidity is that Barney? I’d say you suck but you might take it as a compliment.
We need to get Barney Frank out of office. He has single handedly destroyed our industry. This is yet another example of his share the wealth, tax and regulate Socialist philosophy.
Got the business and logic side of your argument. More down payment assistance means more loans and more commissions. What realtor or loan officer would argue against that? However, this program is not intended to “solve” the housing problem (even with 35,000 less foreclosures). It is intended to offer a helping hand to those who need it. Remember, every person late on their mortgage is not a “undeservning deadbeat”.
That whooshing sound you hear is your money going down the drain, yet again. Legislators who believe that we have an endless amount of money to flush away need a wake up call. If Barney wants to continue to be a do gooder for those less fortunate then he needs to get out of office and get a job that requires him to get his hands dirty. I know, he can clean up all the crap he has created for all those taxpayers who foot the bills.
Shouldn’t spend the money at all.
What else would you expect from Barney. Until he admits that it was failed policy that helped push us to “get everyone in a home”, these plans will continue to come out of Washington and continue to push those that are looking for a handout further down. What does that do? It makes them even more dependent on government so they keep voting for them. Vicious circle.
I like the down payment assistance program but why even go that far? How about making it easier for a first-time investor to buy that property and rent to the hard-pressed borrower — who can some day become a homeowner again. IF the woeful homeowner has equity, perhaps the government can broker a guarantee that the former homeowner gets that, or a portion, of the equity back toward buying their house back or another? Of course the equity reversion would have to be based on performance and the government, like an NBA Star, doesn’t like that.
Unbelievable. Another not for real program to help a small handful of homeowners, when the nation is unable to help people who have been TRYING to get help since 2008. And what’s REALLY sad is that the majority of desperate homeowners will see this, and AGAIN get the false impression that, perhaps, THEY could actually receive some relief! Well, that dog don’t hunt! I’ve been doing short sales in Colorado almost exclusively since 2007, and this is one MESSED UP segment of the banking system. Let’s see–maybe we should have DIFFERENT RULES for every single lender, and DIFFERENT requirements for qualification, NONE of which are transparent. Hmmm…THAT ought to help the maximum number of homeowners…NOT!!! It’s a mad, mad, mad, mad, mad, mad world, as they say!
Here in South Florida the scammers are already plotting how to make money on this latest give-away. This fixes nothing. How about a $5000 home buying credit for ANYONE who purchases a home under the median local price?