[JerseyGrl]

“It’s true that key Democrats opposed the Federal Housing Enterprise Regulatory Reform Act of 2005, which would have established a single, independent regulatory body with jurisdiction over Fannie and Freddie – a move that the Government
Accountability Office had recommended in a 2004 report. Current House Banking Committee chairman Rep. Barney Frank of Massachusetts opposed legislation to reorganize oversight in 2000 (when Clinton was still president), 2003 and 2004, saying of the 2000 legislation that concern about Fannie and Freddie was “overblown.” Just last summer, Senate Banking Committee chairman Chris Dodd called a Bush proposal for an independent agency to regulate the two entities “ill-advised.”

But saying that Democrats killed the 2005 bill “while Mr. Obama was notably silent” oversimplifies things considerably. The bill made it out of committee in the Senate but was never brought up for consideration. At that time, Republicans had a majority in the Senate and controlled the agenda. Democrats never got the chance to vote against it or to mount a filibuster to block it.

By the time McCain signed on to the legislation, it was too late to prevent the crisis anyway. McCain added his name on May 25, 2006, when the housing bubble had already nearly peaked. Standard & Poor’s Case-Schiller Home Price Index, which measures residential housing prices in 20 metropolitan regions and then constructs a composite index for the entire United States, shows that housing prices began falling in July 2006, barely two months later.”

[JerseyGrl]

“It’s true that key Democrats opposed the Federal Housing Enterprise Regulatory Reform Act of 2005, which would have established a single, independent regulatory body with jurisdiction over Fannie and Freddie – a move that the Government
Accountability Office had recommended in a 2004 report. Current House Banking Committee chairman Rep. Barney Frank of Massachusetts opposed legislation to reorganize oversight in 2000 (when Clinton was still president), 2003 and 2004, saying of the 2000 legislation that concern about Fannie and Freddie was “overblown.” Just last summer, Senate Banking Committee chairman Chris Dodd called a Bush proposal for an independent agency to regulate the two entities “ill-advised.”

But saying that Democrats killed the 2005 bill “while Mr. Obama was notably silent” oversimplifies things considerably. The bill made it out of committee in the Senate but was never brought up for consideration. At that time, Republicans had a majority in the Senate and controlled the agenda. Democrats never got the chance to vote against it or to mount a filibuster to block it.

By the time McCain signed on to the legislation, it was too late to prevent the crisis anyway. McCain added his name on May 25, 2006, when the housing bubble had already nearly peaked. Standard & Poor’s Case-Schiller Home Price Index, which measures residential housing prices in 20 metropolitan regions and then constructs a composite index for the entire United States, shows that housing prices began falling in July 2006, barely two months later.”

[JerseyGrl]

“It’s true that key Democrats opposed the Federal Housing Enterprise Regulatory Reform Act of 2005, which would have established a single, independent regulatory body with jurisdiction over Fannie and Freddie – a move that the Government
Accountability Office had recommended in a 2004 report. Current House Banking Committee chairman Rep. Barney Frank of Massachusetts opposed legislation to reorganize oversight in 2000 (when Clinton was still president), 2003 and 2004, saying of the 2000 legislation that concern about Fannie and Freddie was “overblown.” Just last summer, Senate Banking Committee chairman Chris Dodd called a Bush proposal for an independent agency to regulate the two entities “ill-advised.”

But saying that Democrats killed the 2005 bill “while Mr. Obama was notably silent” oversimplifies things considerably. The bill made it out of committee in the Senate but was never brought up for consideration. At that time, Republicans had a majority in the Senate and controlled the agenda. Democrats never got the chance to vote against it or to mount a filibuster to block it.

By the time McCain signed on to the legislation, it was too late to prevent the crisis anyway. McCain added his name on May 25, 2006, when the housing bubble had already nearly peaked. Standard & Poor’s Case-Schiller Home Price Index, which measures residential housing prices in 20 metropolitan regions and then constructs a composite index for the entire United States, shows that housing prices began falling in July 2006, barely two months later.”

[JerseyGrl]

I just read this on Schahrzad Berkland’s (remember her?) blog in regard to San Diego County:

“The low end of the housing market is stabilizing. If I were a seller, I would be raising prices on homes under $ 500,000. The sales at that level are just exploding. Mutliple offers, sales prices above asking prices, and quick sales are the norm.”

I don’t know what to believe. It just continues to look like we’ll never be able to afford a decent home in a decent zip code, and adequately save for retirement. In my section of 92104 homes (small, old) continue to sell for well above $600K.

[JerseyGrl]

I just read this on Schahrzad Berkland’s (remember her?) blog in regard to San Diego County:

“The low end of the housing market is stabilizing. If I were a seller, I would be raising prices on homes under $ 500,000. The sales at that level are just exploding. Mutliple offers, sales prices above asking prices, and quick sales are the norm.”

I don’t know what to believe. It just continues to look like we’ll never be able to afford a decent home in a decent zip code, and adequately save for retirement. In my section of 92104 homes (small, old) continue to sell for well above $600K.

[JerseyGrl]

I just read this on Schahrzad Berkland’s (remember her?) blog in regard to San Diego County:

“The low end of the housing market is stabilizing. If I were a seller, I would be raising prices on homes under $ 500,000. The sales at that level are just exploding. Mutliple offers, sales prices above asking prices, and quick sales are the norm.”

I don’t know what to believe. It just continues to look like we’ll never be able to afford a decent home in a decent zip code, and adequately save for retirement. In my section of 92104 homes (small, old) continue to sell for well above $600K.

[JerseyGrl]

I just read this on Schahrzad Berkland’s (remember her?) blog in regard to San Diego County:

“The low end of the housing market is stabilizing. If I were a seller, I would be raising prices on homes under $ 500,000. The sales at that level are just exploding. Mutliple offers, sales prices above asking prices, and quick sales are the norm.”

I don’t know what to believe. It just continues to look like we’ll never be able to afford a decent home in a decent zip code, and adequately save for retirement. In my section of 92104 homes (small, old) continue to sell for well above $600K.

[JerseyGrl]

I just read this on Schahrzad Berkland’s (remember her?) blog in regard to San Diego County:

“The low end of the housing market is stabilizing. If I were a seller, I would be raising prices on homes under $ 500,000. The sales at that level are just exploding. Mutliple offers, sales prices above asking prices, and quick sales are the norm.”

I don’t know what to believe. It just continues to look like we’ll never be able to afford a decent home in a decent zip code, and adequately save for retirement. In my section of 92104 homes (small, old) continue to sell for well above $600K.

[JerseyGrl]

This from Jim’s Website:

The mortgage market is getting tighter.

First the DAPs bit the dust, and now the ‘Anti-Buy-and-Bail’ program is kicking in.

In order to get a Fannie/Freddie mortgage, homebuyers who already own a house have to have at least 30% equity in it to qualify. If not, full PITI payments on BOTH houses get held against you when qualifying, and you have to have in the bank at closing at least six-month’s worth of payments on BOTH houses. No credit for renting the previous house, even if you have a rental agreement, which was the usual solution previously.

Countrywide now includes FHA loans in the same category.

A mortgage banker, and FHA expert, told me yesterday that they think that once the new housing bill gets implemented in October that all lenders will eventually incorporate the ‘Anti-Buy-and-Bail’ guidelines into both Fannie/Freddie and FHA underwriting.

Mortgages are being eliminated for these buyers:

1. Those who can’t/won’t document their income.

2. Those who document their income, but have too many write-offs to qualify.

3. Those with little or no money down.

4. Those who own the house they live in, but have low equity and not enough money left over once they make their bigger down payment on the house they want to buy.

[JerseyGrl]

This from Jim’s Website:

The mortgage market is getting tighter.

First the DAPs bit the dust, and now the ‘Anti-Buy-and-Bail’ program is kicking in.

In order to get a Fannie/Freddie mortgage, homebuyers who already own a house have to have at least 30% equity in it to qualify. If not, full PITI payments on BOTH houses get held against you when qualifying, and you have to have in the bank at closing at least six-month’s worth of payments on BOTH houses. No credit for renting the previous house, even if you have a rental agreement, which was the usual solution previously.

Countrywide now includes FHA loans in the same category.

A mortgage banker, and FHA expert, told me yesterday that they think that once the new housing bill gets implemented in October that all lenders will eventually incorporate the ‘Anti-Buy-and-Bail’ guidelines into both Fannie/Freddie and FHA underwriting.

Mortgages are being eliminated for these buyers:

1. Those who can’t/won’t document their income.

2. Those who document their income, but have too many write-offs to qualify.

3. Those with little or no money down.

4. Those who own the house they live in, but have low equity and not enough money left over once they make their bigger down payment on the house they want to buy.

[JerseyGrl]

This from Jim’s Website:

The mortgage market is getting tighter.

First the DAPs bit the dust, and now the ‘Anti-Buy-and-Bail’ program is kicking in.

In order to get a Fannie/Freddie mortgage, homebuyers who already own a house have to have at least 30% equity in it to qualify. If not, full PITI payments on BOTH houses get held against you when qualifying, and you have to have in the bank at closing at least six-month’s worth of payments on BOTH houses. No credit for renting the previous house, even if you have a rental agreement, which was the usual solution previously.

Countrywide now includes FHA loans in the same category.

A mortgage banker, and FHA expert, told me yesterday that they think that once the new housing bill gets implemented in October that all lenders will eventually incorporate the ‘Anti-Buy-and-Bail’ guidelines into both Fannie/Freddie and FHA underwriting.

Mortgages are being eliminated for these buyers:

1. Those who can’t/won’t document their income.

2. Those who document their income, but have too many write-offs to qualify.

3. Those with little or no money down.

4. Those who own the house they live in, but have low equity and not enough money left over once they make their bigger down payment on the house they want to buy.

[JerseyGrl]

This from Jim’s Website:

The mortgage market is getting tighter.

First the DAPs bit the dust, and now the ‘Anti-Buy-and-Bail’ program is kicking in.

In order to get a Fannie/Freddie mortgage, homebuyers who already own a house have to have at least 30% equity in it to qualify. If not, full PITI payments on BOTH houses get held against you when qualifying, and you have to have in the bank at closing at least six-month’s worth of payments on BOTH houses. No credit for renting the previous house, even if you have a rental agreement, which was the usual solution previously.

Countrywide now includes FHA loans in the same category.

A mortgage banker, and FHA expert, told me yesterday that they think that once the new housing bill gets implemented in October that all lenders will eventually incorporate the ‘Anti-Buy-and-Bail’ guidelines into both Fannie/Freddie and FHA underwriting.

Mortgages are being eliminated for these buyers:

1. Those who can’t/won’t document their income.

2. Those who document their income, but have too many write-offs to qualify.

3. Those with little or no money down.

4. Those who own the house they live in, but have low equity and not enough money left over once they make their bigger down payment on the house they want to buy.

[JerseyGrl]

This from Jim’s Website:

The mortgage market is getting tighter.

First the DAPs bit the dust, and now the ‘Anti-Buy-and-Bail’ program is kicking in.

In order to get a Fannie/Freddie mortgage, homebuyers who already own a house have to have at least 30% equity in it to qualify. If not, full PITI payments on BOTH houses get held against you when qualifying, and you have to have in the bank at closing at least six-month’s worth of payments on BOTH houses. No credit for renting the previous house, even if you have a rental agreement, which was the usual solution previously.

Countrywide now includes FHA loans in the same category.

A mortgage banker, and FHA expert, told me yesterday that they think that once the new housing bill gets implemented in October that all lenders will eventually incorporate the ‘Anti-Buy-and-Bail’ guidelines into both Fannie/Freddie and FHA underwriting.

Mortgages are being eliminated for these buyers:

1. Those who can’t/won’t document their income.

2. Those who document their income, but have too many write-offs to qualify.

3. Those with little or no money down.

4. Those who own the house they live in, but have low equity and not enough money left over once they make their bigger down payment on the house they want to buy.

[JerseyGrl]

How does your love for the country manifest itself??….

I guess that’s a fair question.

I am a registered voter, and have voted in every election since I have been old enough.

I pay my taxes. Quite a lot in taxes.

If I had a place to hang the flag on holdiays, like my parents did when I was growing up, I would.

I haven’t broken any laws or ever been in jail so you could call me a law abiding citizen. Is that patriotic?

I’ve never attended a “peace rally” or gone to jail for civil disobedience.

I don’t like the Dixie Chicks

Would I be more patriotic if I got a lapel pin, or put a “support our troops” sticker on my car ( a 20 year old Volvo; maybe a Ford would be more patriotic)?

Am I taunting you? At the risk of regretting it, I am going to click the save button……

[JerseyGrl]

How does your love for the country manifest itself??….

I guess that’s a fair question.

I am a registered voter, and have voted in every election since I have been old enough.

I pay my taxes. Quite a lot in taxes.

If I had a place to hang the flag on holdiays, like my parents did when I was growing up, I would.

I haven’t broken any laws or ever been in jail so you could call me a law abiding citizen. Is that patriotic?

I’ve never attended a “peace rally” or gone to jail for civil disobedience.

I don’t like the Dixie Chicks

Would I be more patriotic if I got a lapel pin, or put a “support our troops” sticker on my car ( a 20 year old Volvo; maybe a Ford would be more patriotic)?

Am I taunting you? At the risk of regretting it, I am going to click the save button……

[Author]

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