According to the U.S. Treasury’s July report on the federal government’s “premier housing program,” HAMP (Home Affordable Modification Program), nearly half of all participants have dropped out of the program since its inception. This means that about 625,300 homeowners who received modifications on their loans failed to make their new, lowered payments and have lost their homes to foreclosure or Read full article »
Tag archives for U S Treasury
Nearly Half of HAMP Participants “Fall Out” of the Program
category: Real Estate News
Trillion-Dollar Bailout of Fannie and Freddie?
Most of you probably saw this coming, but that does not make it any less unpleasant. Rumors are swirling that on top of the $145 billion the two mortgage giants have already received, the entities will need another roughly $1 trillion to meet the demands of a “reasonable worst-case scenario for the companies” should the market continue to resolve slowly Read full article »
category: Real Estate News
tags: 1930s, Bailout, Businessweek, Corporate Debt, Dangerous Environment, Entities, Fannie Freddie, Giants, Gold Standard, Gses, Housing Market, International Economy, International Relations, Leaps And Bounds, National Housing, Politicians, Trillion, U S Treasury, United States International, Worst Case Scenario
Scapegoat Alert: Defaulting HAMP Homeowners Not to Blame – Credit Card Debt and Car Loans at Fault!
According to a recent U.S. Treasury report, nearly half of all HAMP loan modifications either fail during the trial period or default soon after conversion to permanency. The treasury indicated in its report this was largely because HAMP modifications did not provide sufficient incentive for underwater homeowners to continue to make monthly mortgage payments even after their payments were reduced. Read full article »
category: Editorial
U.S. Treasury Secretary Ready and Willing to Jump Into the Commercial Real Estate Lending Arena
In an evening interview on March 30, 2010 on CNBC, Elizabeth Warren, head of the Congressional Oversight Panel in charge of overseeing TARP stated that about half of all commercial real estate (CRE) loan will be underwater by the end of 2010. More disturbing, she added, is the fact that most of these "souring" loans are concentrated in regional banks, Read full article »
category: Main Content
tags: 988, Advisory Firms, Cnbc, Commercial Real Estate, Congressional Oversight, Critical Concentration, Economic Downturn, Elizabeth Warren, Oversight Panel, Regional Banks, Residential Loan, Sums Of Money, Tarp, Temporary Management, Timothy Geithner, Tough Times, Treasury Secretary, U S Treasury, Viability, Viable Solution
The Politics of Real Estate
Few industries are as profoundly impacted by the political machinations in Washington as the real estate industry. Whether it's old legislation like Jimmy Carter's Community Reinvestment Act or Barack Obama's massive mortgage bailouts, the U.S. political machine has a huge impact (usually bad) on the business of real estate.
Ideally, we could ignore politics. But here at the Bryan Ellis Real Estate Letter, we insist on seeing the world with clarity - including the reality of Washington's aggressive involvement in every facet of our business, from mortgage lending to real estate sales license; from loan modification regulations to appraisal requirements... every piece of our business is profoundly impacted by politics. So rather than stick our heads in the sand and ignore reality, readers of the Bryan Ellis Real Estate Letter choose to be informed and prepared.
Mortgage Industry News
Few things change more rapidly than the mortgage market, and with the increasing dominance of GSE's Fannie Mae and Freddie Mac over the mortgage business, it's more important than ever to keep up. Here are a few recent mortgage news updates:
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Mortgage News
- HAMP Success Tally Slowly Growing
- Western States Working Through Foreclosure Backlog Quicker than Eastern
- Biggest Down Payments in the Country Found in New Jersey
- President Bypasses Congress, Appoints Director of the Consumer Protection Bureau
- Federal Reserve Recommends Expanding GSEs to Turn Housing Market Around
- Mortgage Rates Likely to Remain Low for a While Longer
- Top Former FDIC, Wells Fargo Execs Say Fannie and Freddie Must Go
- FHA Continues to Extend Anti-Flipping Waiver
- More Homeowners Using Delaying Tactics to Slow Down Foreclosures
- Now that It’s Passed: The True Cost of the Payroll Tax Cut
About Bryan Ellis
Bryan Ellis is an Atlanta-based real estate analyst and publisher of the widely read newsletter "The Bryan Ellis Real Estate Letter". With over 200,000 subscribers - including real estate investors, agents, brokers, appraisers and other real estate professionals - the Bryan Ellis Real Estate Letter is among America's largest sources of unbiased coverage of politics and public policy for the real estate industry.
Bryan Ellis serves as editor in chief for the Bryan Ellis Real Estate Letter and is assisted by an extraordinary staff of writers, researchers and editors who are each real estate experts in their own right and who assure that the news we report is well researched, factual, and highly relevant to today's real estate industry.
Bryan is very happily married and has two wonderful daughters. He makes his home in the suburbs of Atlanta, Georgia. You can contact the team at the Bryan Ellis Real Estate Letter here.