ARM FREEZE?

[jyurasek02]

I read this article in CNNMoney. How likely is this issue?

http://money.cnn.com/2007/10/05/real_estate/fdic_rate_freeze/index.htm?postversion=2007100911

How can you find out what the current potential bills that congress is reviewing based on this housing mess? I know the president and FHA had some changes, but how far will the government step in too “correct” this correction?

[Arty]

So the banks have to pay 5% interest rate while only charge 3% interest plus overhead on their loans. You tell me what kind of solution is this. Btw, even if you are not been foreclosed, you are pretty much enslaved becuase of your house.

[bsrsharma]

what kind of solution is this

Voter friendly! Custom tailored for 2008.

But I will ask you a puzzle: If you are a homeowner in a neighborhood with many ARMed homes, would you rather have them all foreclosed and make a dump of your home value or have a bank go under and screw some dumbvestors in France or Kangaroo land? Note: I didn’t even use the word ‘Voters’ in my question.

[bsrsharma]

what kind of solution is this

Voter friendly! Custom tailored for 2008.

But I will ask you a puzzle: If you are a homeowner in a neighborhood with many ARMed homes, would you rather have them all foreclosed and make a dump of your home value or have a bank go under and screw some dumbvestors in France or Kangaroo land? Note: I didn’t even use the word ‘Voters’ in my question.

[Arty]

So the banks have to pay 5% interest rate while only charge 3% interest plus overhead on their loans. You tell me what kind of solution is this. Btw, even if you are not been foreclosed, you are pretty much enslaved becuase of your house.

[bsrsharma]

How can you find out what the current potential bills that congress is reviewing based on this housing mess?

Goto http://thomas.loc.gov/ and type 'subprime' in search field (for example) and search for bills referring to subprime.

This is for ‘subprime’

17 Bills from the 110th Congress ranked by relevance on “subprime “.
17 bills containing your phrase exactly as entered.

——————————————————————————–

Listing of 17 bills containing your phrase exactly as entered.

1 . Predatory Mortgage Lending Practices Reduction Act (Introduced in House)[H.R.2061.IH]
2 . Homebuyer’s Protection Act of 2007 (Introduced in House)[H.R.3535.IH]
3 . Protecting Access to Safe Mortgages Act (Introduced in Senate)[S.2036.IS]
4 . Fair Mortgage Practices Act of 2007 (Introduced in House)[H.R.3012.IH]
5 . Financial Literacy for Homeowners Act (Introduced in House)[H.R.3133.IH]
6 . STOP FRAUD Act (Introduced in Senate)[S.1222.IS]
7 . Foreclosure Prevention and Homeownership Protection Act (Introduced in House)[H.R.3666.IH]
8 . Expand and Preserve Home Ownership Through Counseling Act (Introduced in House)[H.R.3019.IH]
9 . Expanding American Homeownership Act of 2007 (Reported in House)[H.R.1852.RH]
10 . Federal Housing Finance Reform Act of 2007 (Introduced in House)[H.R.1427.IH]
11 . Expanding American Homeownership Act of 2007 (Referred to Senate Committee after being Received from House)[H.R.1852.RFS]
12 . Expanding American Homeownership Act of 2007 (Engrossed as Agreed to or Passed by House)[H.R.1852.EH]
13 . Federal Housing Finance Reform Act of 2007 (Reported in House)[H.R.1427.RH]
14 . Federal Housing Finance Reform Act of 2007 (Engrossed as Agreed to or Passed by House)[H.R.1427.EH]
15 . Federal Housing Finance Reform Act of 2007 (Referred to Senate Committee after being Received from House)[H.R.1427.RFS]
16 . Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2008 (Engrossed Amendment as Agreed to by Senate)[H.R.3074.EAS]
17 . Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2008 (Public Print)[H.R.3074.PP]

[bsrsharma]

How can you find out what the current potential bills that congress is reviewing based on this housing mess?

Goto http://thomas.loc.gov/ and type 'subprime' in search field (for example) and search for bills referring to subprime.

This is for ‘subprime’

17 Bills from the 110th Congress ranked by relevance on “subprime “.
17 bills containing your phrase exactly as entered.

——————————————————————————–

Listing of 17 bills containing your phrase exactly as entered.

1 . Predatory Mortgage Lending Practices Reduction Act (Introduced in House)[H.R.2061.IH]
2 . Homebuyer’s Protection Act of 2007 (Introduced in House)[H.R.3535.IH]
3 . Protecting Access to Safe Mortgages Act (Introduced in Senate)[S.2036.IS]
4 . Fair Mortgage Practices Act of 2007 (Introduced in House)[H.R.3012.IH]
5 . Financial Literacy for Homeowners Act (Introduced in House)[H.R.3133.IH]
6 . STOP FRAUD Act (Introduced in Senate)[S.1222.IS]
7 . Foreclosure Prevention and Homeownership Protection Act (Introduced in House)[H.R.3666.IH]
8 . Expand and Preserve Home Ownership Through Counseling Act (Introduced in House)[H.R.3019.IH]
9 . Expanding American Homeownership Act of 2007 (Reported in House)[H.R.1852.RH]
10 . Federal Housing Finance Reform Act of 2007 (Introduced in House)[H.R.1427.IH]
11 . Expanding American Homeownership Act of 2007 (Referred to Senate Committee after being Received from House)[H.R.1852.RFS]
12 . Expanding American Homeownership Act of 2007 (Engrossed as Agreed to or Passed by House)[H.R.1852.EH]
13 . Federal Housing Finance Reform Act of 2007 (Reported in House)[H.R.1427.RH]
14 . Federal Housing Finance Reform Act of 2007 (Engrossed as Agreed to or Passed by House)[H.R.1427.EH]
15 . Federal Housing Finance Reform Act of 2007 (Referred to Senate Committee after being Received from House)[H.R.1427.RFS]
16 . Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2008 (Engrossed Amendment as Agreed to by Senate)[H.R.3074.EAS]
17 . Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2008 (Public Print)[H.R.3074.PP]

[jyurasek02]

Cool. Thanks for the link. I guess since I don’t own yet, I want the fallout to be as bad as possible and for the gov not to step in and try to “bailout” any homeonwers that took on way too much debt than they should have. I guess for me I am attempting to be responsible and saving a downpayment to get a loan that I can actually afford on my salary.

[Alex_angel]

This is pure bullshit. Give some asshole a 3% fixed rate 30 eyar mortgage because he was greedy to sign an ARM in hopes of running up the price to sell for big profit? No way in hell

[Ash Housewares]

I don’t think this would ever get implemented. The unintended consequences are too obvious, even to someone who doesn’t know much such as myself. This will burn MBS investors, causing mortgage rates to go up, which puts more downward pressure on prices, leading to more foreclosures necessitating more “fixes”.

[SD Realtor]

Ash my only disagreement is this…

MBS Investors are already burned. Basically they don’t have a say in the matter because their investments are going going going gone anyways right? What difference does it make. If a particular fund is already whittled down by 70-80% of it’s original value then so what? I would surmise there is alot of work being done right now to allow rewriting of loan servicing agreements to save the asses of these investors… hey a little trickle of money is better then 100% loss right?

I don’t think any of the regulatory intervention by the gov will have much of an effect on MBS guys or the secondary market in general.

What concerns me is how much disguised tax money will be used to now back up higher FHA limits for conforming loans. Just think how much money would be lost if all of these loans were conforming. It wouldn’t me MBS investors holding the bag, it would be the taxpayers.

SD Realtor

[bsrsharma]

What concerns me is how much disguised tax money will be used to now back up higher FHA limits for conforming loans. Just think how much money would be lost if all of these loans were conforming. It wouldn't me MBS investors holding the bag, it would be the taxpayers.

SDR, I am a little confused about your using "tax money/taxpayer". Whether FHA or GSE Conforming, I don't see a (large) taxpayer impact. This whole circus is all about redistribution of risk and post facto redistribution of wealth (from lenders to borrowers). One can have justifiable abhorrence at that, but why involve taxpayers in the discussion?

[LookoutBelow]

Doesnt matter….PLUS it'll never happen

[kewp]

As far as I’m concerned, the interest rate cuts and ensuing inflation are the bailout.

And everyone is paying for it.

[kewp]

As far as I’m concerned, the interest rate cuts and ensuing inflation are the bailout.

And everyone is paying for it.

[LookoutBelow]

Doesnt matter….PLUS it'll never happen

[SD Realtor]

BSR the taxpayer impact does not happen until people start defaulting. The FHA is backed up by taxpayer money. Why should any taxpayer money at all be involved in this redistribution of risk.

Better yet BSR… what if all these proposals that are in place now, were in place in 2004? What if the FHA insured subprime loans? My issue is that yes it is a redistribution of risk but why should my tax dollars be involved in this redistribution of risk?

Do you see what I am saying?

SD Realtor

[SD Realtor]

BSR the taxpayer impact does not happen until people start defaulting. The FHA is backed up by taxpayer money. Why should any taxpayer money at all be involved in this redistribution of risk.

Better yet BSR… what if all these proposals that are in place now, were in place in 2004? What if the FHA insured subprime loans? My issue is that yes it is a redistribution of risk but why should my tax dollars be involved in this redistribution of risk?

Do you see what I am saying?

SD Realtor

[bsrsharma]

What concerns me is how much disguised tax money will be used to now back up higher FHA limits for conforming loans. Just think how much money would be lost if all of these loans were conforming. It wouldn't me MBS investors holding the bag, it would be the taxpayers.

SDR, I am a little confused about your using "tax money/taxpayer". Whether FHA or GSE Conforming, I don't see a (large) taxpayer impact. This whole circus is all about redistribution of risk and post facto redistribution of wealth (from lenders to borrowers). One can have justifiable abhorrence at that, but why involve taxpayers in the discussion?

[SD Realtor]

Ash my only disagreement is this…

MBS Investors are already burned. Basically they don’t have a say in the matter because their investments are going going going gone anyways right? What difference does it make. If a particular fund is already whittled down by 70-80% of it’s original value then so what? I would surmise there is alot of work being done right now to allow rewriting of loan servicing agreements to save the asses of these investors… hey a little trickle of money is better then 100% loss right?

I don’t think any of the regulatory intervention by the gov will have much of an effect on MBS guys or the secondary market in general.

What concerns me is how much disguised tax money will be used to now back up higher FHA limits for conforming loans. Just think how much money would be lost if all of these loans were conforming. It wouldn’t me MBS investors holding the bag, it would be the taxpayers.

SD Realtor

[drunkle]

whether or not this particular bailout bill goes through doesn’t matter; any bill that represents saving the american dream will be the perfect vehicle for slipping in bridges to nowhere, dirt recycling subsidies, patriot appreciation and recognition day, bibles for babies programs, cigarette taxes to pay for the bibles for babies, welfare for orphaned pets, surveillance cameras for surveillance cameras… and a pay increase for congressmen who vote for a pay increase.

[kewp]

You forget the cynicism tax, drunkle!

[Bugs]

Ummm, I think that would be a surtax that gets added to all the other taxes.

[Bugs]

Ummm, I think that would be a surtax that gets added to all the other taxes.

[drunkle]

“You forget the cynicism tax, drunkle!”

it’s included in the ‘create a department of trust thy government or else’ provision of the ‘support happiness and well being’ rider.

i’d be so broke if that happened…

[drunkle]

“You forget the cynicism tax, drunkle!”

it’s included in the ‘create a department of trust thy government or else’ provision of the ‘support happiness and well being’ rider.

i’d be so broke if that happened…

[kewp]

You forget the cynicism tax, drunkle!

[drunkle]

whether or not this particular bailout bill goes through doesn’t matter; any bill that represents saving the american dream will be the perfect vehicle for slipping in bridges to nowhere, dirt recycling subsidies, patriot appreciation and recognition day, bibles for babies programs, cigarette taxes to pay for the bibles for babies, welfare for orphaned pets, surveillance cameras for surveillance cameras… and a pay increase for congressmen who vote for a pay increase.

[Ash Housewares]

I don’t think this would ever get implemented. The unintended consequences are too obvious, even to someone who doesn’t know much such as myself. This will burn MBS investors, causing mortgage rates to go up, which puts more downward pressure on prices, leading to more foreclosures necessitating more “fixes”.

[Alex_angel]

This is pure bullshit. Give some asshole a 3% fixed rate 30 eyar mortgage because he was greedy to sign an ARM in hopes of running up the price to sell for big profit? No way in hell

[jyurasek02]

Cool. Thanks for the link. I guess since I don’t own yet, I want the fallout to be as bad as possible and for the gov not to step in and try to “bailout” any homeonwers that took on way too much debt than they should have. I guess for me I am attempting to be responsible and saving a downpayment to get a loan that I can actually afford on my salary.

[Author]

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