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TG,

Philadelphia Ordinance An ordinance banning predatory lending, banning public investment in predatory lenders, and requiring loan counseling for borrowers of high-cost loans was passed by the unanimous vote of the Philadelphia City Council in April 2001. It was overturned by state legislation in June 2001.

A working reseach paper looked into loan laws: "State and Local Anti-Predatory Lending Laws: The Effect of Legal Enforcement Mechanisms" http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1005423 Very detailed analysis shows that laws have some effect, but do NOT drive out supply. North Carolina's tough law did not reduce supply overall, for people under 50K, yes it did, for people over 50K income, supply went up.

There was a story in WSJ last month about parties to blame for the loan mess. A few members of Congress tried for some regulation of mortgage industry as did some states. The housing lobby killed all bills and the one that did pass in one state, the lending industy BLACKMAILED the state to repeal the bill. So, this bill may be junk, but it happened becuase the lobby killed good bills years back. http://online.wsj.com/article/SB120406115972594515.html

GA had the tough anti-predatory law that would place buyer of predatory loan at risk (aks stolen property) and S&P and Fitch blackmailed the state so they watered it down. Funny how S&P and Fitch were WHOLLY resposible for this subprime mess, yet they interefered with state law that would likely have reduced the mess in the first place. http://econospeak.blogspot.com/2008/01/regulatory-neglect-and-subprime.html

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That ad is just marketing BS used to create false sense of demand. Simply brilliant. I bet they price 10% over par too.

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That ad is just marketing BS used to create false sense of demand. Simply brilliant. I bet they price 10% over par too.

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That ad is just marketing BS used to create false sense of demand. Simply brilliant. I bet they price 10% over par too.

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That ad is just marketing BS used to create false sense of demand. Simply brilliant. I bet they price 10% over par too.

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That ad is just marketing BS used to create false sense of demand. Simply brilliant. I bet they price 10% over par too.

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Fannie CEO: “Maybe we rent the housed instead of selling at big loss.” The subtle notice to lowballers: We are not desperate, we will not succumb to you vultures.

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Fannie CEO: “Maybe we rent the housed instead of selling at big loss.” The subtle notice to lowballers: We are not desperate, we will not succumb to you vultures.

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Fannie CEO: “Maybe we rent the housed instead of selling at big loss.” The subtle notice to lowballers: We are not desperate, we will not succumb to you vultures.

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Fannie CEO: “Maybe we rent the housed instead of selling at big loss.” The subtle notice to lowballers: We are not desperate, we will not succumb to you vultures.

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Fannie CEO: “Maybe we rent the housed instead of selling at big loss.” The subtle notice to lowballers: We are not desperate, we will not succumb to you vultures.

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Freddie CEO today on CNBC: “Housing is 1/3 of the way through downturn. Avg home Prices prices down 5% and total will be down 15%”
CNBC: “If you expect down market, why are you lending today?”
Freddie CEO: “Well, we don’t expect to do 100% loans.”

Fannie Mae CEO today : “We expect another 13-17% total downturn and we have seen down 3% last year. Prices should be down this year and next year.”

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Freddie CEO today on CNBC: “Housing is 1/3 of the way through downturn. Avg home Prices prices down 5% and total will be down 15%”
CNBC: “If you expect down market, why are you lending today?”
Freddie CEO: “Well, we don’t expect to do 100% loans.”

Fannie Mae CEO today : “We expect another 13-17% total downturn and we have seen down 3% last year. Prices should be down this year and next year.”

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Freddie CEO today on CNBC: “Housing is 1/3 of the way through downturn. Avg home Prices prices down 5% and total will be down 15%”
CNBC: “If you expect down market, why are you lending today?”
Freddie CEO: “Well, we don’t expect to do 100% loans.”

Fannie Mae CEO today : “We expect another 13-17% total downturn and we have seen down 3% last year. Prices should be down this year and next year.”

[equalizer]

Freddie CEO today on CNBC: “Housing is 1/3 of the way through downturn. Avg home Prices prices down 5% and total will be down 15%”
CNBC: “If you expect down market, why are you lending today?”
Freddie CEO: “Well, we don’t expect to do 100% loans.”

Fannie Mae CEO today : “We expect another 13-17% total downturn and we have seen down 3% last year. Prices should be down this year and next year.”

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