Looks Like the Lady was Right about the Mortgage Part...

[Dusty]

http://www.youtube.com/watch?v=P36x8rTb3jI

Of course, he has to circumvent Congress to do it:

http://www.reuters.com/article/2011/10/24/us-obama-economy-idUSTRE79N0J920111024

[Badger52]

Of course, he has to circumvent Congress to do itThere is more than one playbook afoot. Members of this pretty eclectic group might want to give this a read (http://www.amazon.com/Roosevelt-Myth-John-T-Flynn/dp/0930073274), or have their library ferret it out. Highly recommended, and much familiar territory. Just something to augment the library, next to the Alinsky playbook, and CPM 2-101 (Conduct of the Chicago Political Machine in the Counter-Attack).

[Dusty]

There is more than one playbook afoot. Members of this pretty eclectic group might want to give this a read (http://www.amazon.com/Roosevelt-Myth-John-T-Flynn/dp/0930073274), or have their library ferret it out. Highly recommended, and much familiar territory. Just something to augment the library, next to the Alinsky playbook, and CPM 2-101 (Conduct of the Chicago Political Machine in the Counter-Attack).

Exactly. They dog McCarthy and laud Roosevelt.

Buncha moroons.

[greenberetTFS]

Dusty,

Just watched the news and the big "O" stated he is going to go around congress to get this going...........:rolleyes::eek::p

Big Teddy :munchin

[Dusty]

Dusty,

Just watched the news and the big "O" stated he is going to go around congress to get this going...........:rolleyes::eek::p

Big Teddy :munchin

He's grabbin' every kook vote he can. Look at Iraq-Michael Moore will be singing about Obama now.

[Paslode]

Interesting opinion from the blog Zero Hedge.......

Got A Hundred Bucks? Buy A Home (Or Virtually Anything Else) Using 2,000x Non Recourse Leverage
Tyler Durden's picture
Submitted by Tyler Durden on 10/24/2011 17:53 -0400

Today's adjustment to the government's HARP program to get anything with a pulse as close to the discount window as possible was not the only proposal to revive the moribund US housing market. According to a new proposal by HUD, beginning this month and continuing for a year, anyone with a just $100 will be allowed to buy a HUD-owned REO home. In essence: the new buyer is merely taking over the mortgage payments in a repeat of what happened in 1970s New York along the Central Park West corridor. Granted for now it is stricly limited to only... 28 states! But it gets better: "HUD’s $100 down payment incentive program can also be applied to an FHA 203k loan, which can be used to fund repairs and renovations on the home. The 203k program allows buyers to finance both the mortgage and additional money for rehabilitation needs with a single government-insured loan." Said otherwise, a $100 downpayment gives one unlimited degrees of freedom how to spend non-recourse, massively levered capital, and courtesy of money's fungibility, to even fund, shhh, the occasional iPhone. "Matt Martin, CEO of Matt Martin Real Estate Management (MMREM), says this is one of the most exciting features of the new incentive program and should drive a lot of exposure to FHA’s 203k offering." Why of course it is: it will only take enterprising Americans a few weeks to realize that the latest HUD program is basically an EFSF in sheep's clothing, which provides US consumers with a Benjamin in their pocket, the ability to lever up by a factor of about two thousand (or more) and use the proceeds for pretty much anything (but make sure to call it "home repairs"). And when the HUD is stuck with hundreds of billions of non-performing, delinquent loans, what then? Why the same that will happen to the EFSF: another wholesale taxpayer funded bailout... of those who were tricky enough to figure out this latest subsidy of the global retailer base.

From DSNews:

HUD has approved a program aimed at putting foreclosed homes back into the hands of owner-occupant buyers.



In select states, from now into October of next year, buyers need a down payment of only $100 to purchase a HUD-owned REO home.



The buyer must be an owner-occupant, utilizing financing insured by the Federal Housing Administration (FHA). Standard FHA underwriting guidelines apply, and the sale must be for the full amount of the current list price.



The $100 down payment incentive program has been approved for two of HUD’s four national regions – the regions managed by the Denver Homeownership Center and the Atlanta Homeownership Center. HUD homes in the states listed, as well as the Caribbean are currently eligible for the program.

The states in which this scheme will work:

Denver Homeownership Center’s Jurisdiction:

Arkansas
Colorado
Iowa
Kansas
Louisiana
Missouri
Minnesota
Montana
Nebraska
New Mexico
North Dakota
Oklahoma
South Dakota
Texas
Wisconsin
Wyoming
Utah

Atlanta Homeownership Center’s Jurisdiction:

Alabama
Florida
Georgia
Kentucky
Illinois
Indiana
Mississippi
North Carolina
South Carolina
Tennessee
Caribbean

It goes on:

HUD’s $100 down payment incentive program can also be applied to an FHA 203k loan, which can be used to fund repairs and renovations on the home. The 203k program allows buyers to finance both the mortgage and additional money for rehabilitation needs with a single government-insured loan.



Matt Martin, CEO of Matt Martin Real Estate Management (MMREM), says this is one of the most exciting features of the new incentive program and should drive a lot of exposure to FHA’s 203k offering.



MMREM is under contract with HUD to assist with disposition sales of its repossessed homes. MMREM handles properties throughout 16 states, or about a third of HUD’s REO portfolio.



With an FHA 203k loan, “buyers can find a property that needs some TLC, fix it up however they want to, and finance the whole thing for $100,” Martin explained.



“MMREM is excited to work with this recent initiative, in a way that it supports putting HUD homes back into the hands of homeowners,” Martin said.

For those who think there has to be a snag somewhere in the fine print, because "there is no such thing as a free home" well... no:

In addition to $100 down instead of FHA’s typical 3.5 percent down payment, HUD says it will also cover up to 3 percent of the closing costs in most cases.

And then they wonder where the source of all this inflationary pressure comes from...

http://www.zerohedge.com/news/got-hundred-bucks-buy-home-or-virtually-anything-else-using-2000x-non-recourse-leverage

[Paslode]

And more....

GSEs Expand Housing Subsidy Refinance Model Further, Making It Eligible To Virtually Anyone
Tyler Durden's picture
Submitted by Tyler Durden on 10/24/2011 10:34 -0400

Earlier today, the FHFA announced yet another expansion to its attempt to make near-record low mortgage payments a pervasive concept (via the Home Affordable Refinance Program or HARP), and pad retailers' bottom lines courtesy of subsidy bailouts of the GSE capital shortfall payments. The core of the announced transitions to HARP revolve around allowing borrowers to refinance mortgages regardless of how underwater homes are. Of note is the "enhancement" which removes "the current 125 percent LTV ceiling for fixed-rate mortgages backed by Fannie Mae and Freddie Mac." In other words, one can have negative equity equal to the full amount of the loan or more, and still be able to refinance into current record low mortgage rates (something which last week's near record drop in MBA refi rates of -17% may not be too optimistic on). That said, considering HARP's abysmal success record to date, with just 894,000 borrowers having refinanced using this subsidy program (considering anywhere between a third and half of all US mortgages are underwater), and since it is far more economic to be delinquent on one's loans than to refinance and actually have to pay something out of pocket in these here USS of A, we expect even this latest revision to be a massive failure. In fact, the only data that matters is the public announcement on November 3 and 4th of how many tens of billions in retail "top line" the GSEs will need to be funded for by the US Treasury, because at this point one thing is all too clear: the nationalized US mortgage industry, in which ever fewer people actually make any cash payments, is nothing but a massive subsidy pass thru vehicle for domestic retailer operations.

From the HARP term sheet:

The new program enhancements address several other key aspects of HARP including:

Eliminating certain risk-based fees for borrowers who refinance into shorter-term mortgages and lowering fees for other borrowers;
Removing the current 125 percent LTV ceiling for fixed-rate mortgages backed by Fannie Mae and Freddie Mac;
Waiving certain representations and warranties that lenders commit to in making loans owned or guaranteed by Fannie Mae and Freddie Mac;
Eliminating the need for a new property appraisal where there is a reliable AVM (automated valuation model) estimate provided by the Enterprises; and
Extending the end date for HARP until Dec. 31, 2013 for loans originally sold to the Enterprises on or before May 31, 2009.

And so forth.

Below is the full statement full of hope by FNMA CEO Michael Williams on the HARP changes:

"Today's announcement by the Federal Housing Finance Agency (FHFA) of enhancements to the Home Affordable Refinance Program (HARP) is a welcome development. By removing some of the impediments to refinance, lenders can more easily participate in the program allowing more eligible homeowners to take advantage of the low interest rates.



Since 2009, Fannie Mae has enabled more than 5.5 million families to refinance into a lower cost or more stable mortgage product. While HARP is only one refinancing program, it is a critical one for those homeowners who may be underwater on their mortgage and facing difficult decisions during these tough economic times. Fannie Mae will continue to work with FHFA, Freddie Mac, servicers, lenders and mortgage insurers to encourage more borrowers to pursue refinancing as interest rates remain low."

Fannie Mae will also continue to work with retailers, as it demands $20 billion or so in quarterly capital shortfall from Tim Geithner for missing cash which instead of being paid for mortgage purposes, ends up in Apple's EPS line.

http://www.zerohedge.com/news/gses-expand-housing-subsidy-refinance-model-further-making-it-eligible-virtually-anyone

And the full OFFICAL announcement is here (http://www.scribd.com/doc/70092510/HARP-Release-102411-Final)

[Badger52]

Just as too many people look for a tax refund to be their "savings" account, too many view refinancing as the quick fix for their cash flow. For many it is the opposite of what they need to do. Mugabe's Crew know this and the very idea of individual Americans making a primary mission of paying down their debt is the worst kind of heresy to them.

[Dusty]

Just as too many people look for a tax refund to be their "savings" account, too many view refinancing as the quick fix for their cash flow. For many it is the opposite of what they need to do. Mugabe's Crew know this and the very idea of individual Americans making a primary mission of paying down their debt is the worst kind of heresy to them.

Talking them into exacerbating the problem is an excellent idea if your goal is to worsen the situation, thereby easing the destruction process.

[Paslode]

Just my opinion....

I believe they are trying another bubble, a fictitious growth in income that will briefly boost spending and produce the guise that Happy Days are here again.

And they are hoping to achieve this in time to sway the election results.


Question:

Is Obama making Congress irrelevant, or are our elected Officials abdicating their duties by allowing him to get away with these power heists through EO?

[BOfH]

Question:

Is Obama making Congress irrelevant, or are our elected Officials abdicating their duties by allowing him to get away with these power heists through EO?

A combination of both I would say. Inaction, finger pointing, and constituent coddling on the part of congress ensures their reelection to the most lucrative, do-nothing position in the world; real leadership fixes problems but makes enemies, which usually equals no re-election. On the other hand, Obama needs to stay in office to continue his slow but steady subversion of the Constitution by way of SCOTUS and other *legal* means in order to accomplish whatever his goals are.

My .02

[Dusty]

http://www.theblaze.com/stories/did-you-know-feds-will-temporarily-cut-off-all-tv-and-radio-broadcasts-on-nov-9/

[Oldrotorhead]

Just my opinion....

I believe they are trying another bubble, a fictitious growth in income that will briefly boost spending and produce the guise that Happy Days are here again.

And they are hoping to achieve this in time to sway the election results.


Question:

Is Obama making Congress irrelevant, or are our elected Officials abdicating their duties by allowing him to get away with these power heists through EO?

Obama isn't making congress irrelevant. Congress is making Congress irrelevant. Congress controls the budget and writes the laws. If the laws are flawed or there is too much money wasted blame your won Senators and Congressmen. Obama is simple using the fact that what the large print givith the small print taketh away and most of those slackers in Congress forgot what the small print said when they didn't read what they voted to enact.

:munchin

[Dusty]

Obama isn't making congress irrevelant. Congress is making Congress irrevelant.

Nailed.

[Paslode]

http://www.theblaze.com/stories/did-you-know-feds-will-temporarily-cut-off-all-tv-and-radio-broadcasts-on-nov-9/

That should be good for at least a weeks worth of dirt for AJ :D