We are just weeks away of beginning the New Year and my brief conversation with a local Realtor only indicates what we will see in early 2011. More cash investors.
I spoke with a local Realtor here in South Florida, Jeff who is with Ethree Realty located in Fort Lauderdale. He stated how busy they are with bank-owned properties. With the announcement of Fannie Mae and Freddie Mac unfreezing the foreclosed homes they had on hold due to the “robo signing” notified Realtors to resume taking offers and closing on bank owned property. As Jeff stated their office was flooded with calls from people looking to see what bargains could be had. It certain feels like a great buyers market and for some perhaps it is, but with lender guidelines still being extremely strict, not many average Joe's can get financing, and if they can the cash investors usually win. Investors flood to Florida to pick up great bargains and reap the rewards of an overly drenched inventory.
I have been in the mortgage and foreclosure business for over 14 years now and have been through the height of the refinance market and have worked in the foreclosure arena for the past 3 and a half years. All across America I have heard the stories of families losing their homes, some sad and some just out right abusing the system. As the market tries to stabilize itself and we come to the end of 2010, we have to ask ourselves if 2011 will be the year things begin to get better.
As I troll the news and look for articles to review and blog about it seems from Realtors to mortgage experts to even law officials, everyone seems to agree the real estate market is going to take some time to recover. Foreclosures have certainly slowed due to many loan modification programs being offered by lenders, but you will find this following data shocking! Over 700,000 Americans who have entered into a loan modification have ultimately been booted out of the government’s Home Affordable Modification Program. There is an estimated 4 to 5 million homes in foreclosure and possibly more facing foreclosure in the near future. So how does this paint the outlook for 2011? Doom and gloom?
Continued on the next page(We never hear much anymore about that $25 billion dollar outlay from Fannie and Freddie, do we?)
There’s so much to talk about here. First off, if you subtract it out, roughly $38 billion in TARP savings is coming from under-delivery on HAMP. That’s 152% of the estimated total cost of the entire program. So if HAMP fulfilled its goals, TARP would have cost 152% more. In other words, a big element of the persistent theme of TARP “saving taxpayers money” comes from the government reneging on its promise to help struggling homeowners.
Second, the report makes clear that $8 billion of the $12 billion that will ultimately be spent comes from unrelated mortgage-relief programs outside of HAMP itself. In reality, HAMP will get a $4 billion dollar commitment when all is said and done, just 8% of the total allocated. The Hardest Hit Fund (grants to states with the biggest housing problems) and the FHA Short Refinance program (incentive payments for underwater borrowers), two programs created on the fly, will end up spending twice as much money as the Administration’s signature foreclosure mitigation program.
Third, this is a far more realistic assessment of HAMP than OMB’s insistence that $46 billion of the $50 billion will be spent. Unlike that projection, CBO looks at the actual numbers of homeowners participating in the program. This has fallen off considerably in recent months. Given that only 483,000 homeowners are currently in active, permanent modifications, and that fewer and fewer get their trial mods converted with each passing month, CBO’s numbers are simply more realistic. For OMB to be correct, some flood of permanent modifications would have to enter the system over the next year, and servicers don’t really want to modify any loans. So that’s not happening.
Fourth, let’s stipulate that HAMP was insufficient to deal with the enormity of the foreclosure mess even if it had worked perfectly. Federal Reserve Governor Elizabeth Duke testified before Congress a couple weeks ago that she expects 6.5 million more foreclosure filings between now and 2012, and if you add in 2009 you’d have over 8 million foreclosures while HAMP was active; other analysts put the number as high as 11 million. So its goal of 3-4 million modifications was under half of total foreclosure filings. And in reality, it didn’t cover more than 6%.
Fifth, as John Taylor of the National Community Reinvestment Coalition told CNBC yesterday, this unending stream of foreclosures serves as a lead weight on the economy. If you are going to cut back on any expenditure, the one that would curtail the supply on the market, stabilize neighborhoods, provide a floor for housing prices and start to allow homeowners to build equity again would not be the one.
bench craft company rip offBreaking <b>News</b>: Watch A Gigantic Looping Solar Prominence
The Solar Dynamics Observatory never fails to deliver absolutely stunning images from the Sun: as of 18:49 UT today, the above picture is what the Sun looked like in the ultraviolet spectrum. The prominence that you are seeing looping ...
This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>
Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...
Fox <b>News</b> Co-Host Bill Hemmer Is An Adrenaline Junkie
Former bungee jumper now gets his thrills the way many people do -- from Fox News Channel.
bench craft company rip offBreaking <b>News</b>: Watch A Gigantic Looping Solar Prominence
The Solar Dynamics Observatory never fails to deliver absolutely stunning images from the Sun: as of 18:49 UT today, the above picture is what the Sun looked like in the ultraviolet spectrum. The prominence that you are seeing looping ...
This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>
Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...
Fox <b>News</b> Co-Host Bill Hemmer Is An Adrenaline Junkie
Former bungee jumper now gets his thrills the way many people do -- from Fox News Channel.
bench craft company rip offBreaking <b>News</b>: Watch A Gigantic Looping Solar Prominence
The Solar Dynamics Observatory never fails to deliver absolutely stunning images from the Sun: as of 18:49 UT today, the above picture is what the Sun looked like in the ultraviolet spectrum. The prominence that you are seeing looping ...
This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>
Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...
Fox <b>News</b> Co-Host Bill Hemmer Is An Adrenaline Junkie
Former bungee jumper now gets his thrills the way many people do -- from Fox News Channel.
bench craft company rip off
Rompiendo <b> Noticias </ b>: Añada un gigantesco bucle Solar ProminenceThe Observatorio de Dinámica Solar nunca deja de ofrecer imágenes absolutamente impresionante desde el Sol: de 18:49 UT hoy en día, la imagen de arriba es lo que el Sol parecía en el espectro ultravioleta. La importancia que está viendo en bucle ...
Esta semana en la tarjeta de crédito <b> Noticias </ b> - MoneyBuilder - sentido de lo que <b> Siempre ...</ b> por LowCards.com más de ocho millones de personas abandonan la tarjeta de crédito utilizar Más de ocho millones de consumidores dejaron de usar las tarjetas de crédito durante el año pasado, según un nuevo estudio de TransUnion. El uso de propósito general ...
Fox <b> Noticias </ b> Co-anfitrión Bill Hemmer es un puente adrenalina JunkieFormer bungee ahora consigue su emoción el camino mucha gente - de Fox News Channel.
bench craft company rip offBreaking <b>News</b>: Watch A Gigantic Looping Solar Prominence
The Solar Dynamics Observatory never fails to deliver absolutely stunning images from the Sun: as of 18:49 UT today, the above picture is what the Sun looked like in the ultraviolet spectrum. The prominence that you are seeing looping ...
This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>
Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...
Fox <b>News</b> Co-Host Bill Hemmer Is An Adrenaline Junkie
Former bungee jumper now gets his thrills the way many people do -- from Fox News Channel.
bench craft company rip off
We are just weeks away of beginning the New Year and my brief conversation with a local Realtor only indicates what we will see in early 2011. More cash investors.
I spoke with a local Realtor here in South Florida, Jeff who is with Ethree Realty located in Fort Lauderdale. He stated how busy they are with bank-owned properties. With the announcement of Fannie Mae and Freddie Mac unfreezing the foreclosed homes they had on hold due to the “robo signing” notified Realtors to resume taking offers and closing on bank owned property. As Jeff stated their office was flooded with calls from people looking to see what bargains could be had. It certain feels like a great buyers market and for some perhaps it is, but with lender guidelines still being extremely strict, not many average Joe's can get financing, and if they can the cash investors usually win. Investors flood to Florida to pick up great bargains and reap the rewards of an overly drenched inventory.
I have been in the mortgage and foreclosure business for over 14 years now and have been through the height of the refinance market and have worked in the foreclosure arena for the past 3 and a half years. All across America I have heard the stories of families losing their homes, some sad and some just out right abusing the system. As the market tries to stabilize itself and we come to the end of 2010, we have to ask ourselves if 2011 will be the year things begin to get better.
As I troll the news and look for articles to review and blog about it seems from Realtors to mortgage experts to even law officials, everyone seems to agree the real estate market is going to take some time to recover. Foreclosures have certainly slowed due to many loan modification programs being offered by lenders, but you will find this following data shocking! Over 700,000 Americans who have entered into a loan modification have ultimately been booted out of the government’s Home Affordable Modification Program. There is an estimated 4 to 5 million homes in foreclosure and possibly more facing foreclosure in the near future. So how does this paint the outlook for 2011? Doom and gloom?
Continued on the next page
(We never hear much anymore about that $25 billion dollar outlay from Fannie and Freddie, do we?)
There’s so much to talk about here. First off, if you subtract it out, roughly $38 billion in TARP savings is coming from under-delivery on HAMP. That’s 152% of the estimated total cost of the entire program. So if HAMP fulfilled its goals, TARP would have cost 152% more. In other words, a big element of the persistent theme of TARP “saving taxpayers money” comes from the government reneging on its promise to help struggling homeowners.
Second, the report makes clear that $8 billion of the $12 billion that will ultimately be spent comes from unrelated mortgage-relief programs outside of HAMP itself. In reality, HAMP will get a $4 billion dollar commitment when all is said and done, just 8% of the total allocated. The Hardest Hit Fund (grants to states with the biggest housing problems) and the FHA Short Refinance program (incentive payments for underwater borrowers), two programs created on the fly, will end up spending twice as much money as the Administration’s signature foreclosure mitigation program.
Third, this is a far more realistic assessment of HAMP than OMB’s insistence that $46 billion of the $50 billion will be spent. Unlike that projection, CBO looks at the actual numbers of homeowners participating in the program. This has fallen off considerably in recent months. Given that only 483,000 homeowners are currently in active, permanent modifications, and that fewer and fewer get their trial mods converted with each passing month, CBO’s numbers are simply more realistic. For OMB to be correct, some flood of permanent modifications would have to enter the system over the next year, and servicers don’t really want to modify any loans. So that’s not happening.
Fourth, let’s stipulate that HAMP was insufficient to deal with the enormity of the foreclosure mess even if it had worked perfectly. Federal Reserve Governor Elizabeth Duke testified before Congress a couple weeks ago that she expects 6.5 million more foreclosure filings between now and 2012, and if you add in 2009 you’d have over 8 million foreclosures while HAMP was active; other analysts put the number as high as 11 million. So its goal of 3-4 million modifications was under half of total foreclosure filings. And in reality, it didn’t cover more than 6%.
Fifth, as John Taylor of the National Community Reinvestment Coalition told CNBC yesterday, this unending stream of foreclosures serves as a lead weight on the economy. If you are going to cut back on any expenditure, the one that would curtail the supply on the market, stabilize neighborhoods, provide a floor for housing prices and start to allow homeowners to build equity again would not be the one.
bench craft company rip offBreaking <b>News</b>: Watch A Gigantic Looping Solar Prominence
The Solar Dynamics Observatory never fails to deliver absolutely stunning images from the Sun: as of 18:49 UT today, the above picture is what the Sun looked like in the ultraviolet spectrum. The prominence that you are seeing looping ...
This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>
Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...
Fox <b>News</b> Co-Host Bill Hemmer Is An Adrenaline Junkie
Former bungee jumper now gets his thrills the way many people do -- from Fox News Channel.
bench craft company rip offBreaking <b>News</b>: Watch A Gigantic Looping Solar Prominence
The Solar Dynamics Observatory never fails to deliver absolutely stunning images from the Sun: as of 18:49 UT today, the above picture is what the Sun looked like in the ultraviolet spectrum. The prominence that you are seeing looping ...
This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>
Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...
Fox <b>News</b> Co-Host Bill Hemmer Is An Adrenaline Junkie
Former bungee jumper now gets his thrills the way many people do -- from Fox News Channel.
bench craft company rip offBreaking <b>News</b>: Watch A Gigantic Looping Solar Prominence
The Solar Dynamics Observatory never fails to deliver absolutely stunning images from the Sun: as of 18:49 UT today, the above picture is what the Sun looked like in the ultraviolet spectrum. The prominence that you are seeing looping ...
This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>
Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...
Fox <b>News</b> Co-Host Bill Hemmer Is An Adrenaline Junkie
Former bungee jumper now gets his thrills the way many people do -- from Fox News Channel.
bench craft company rip offBreaking <b>News</b>: Watch A Gigantic Looping Solar Prominence
The Solar Dynamics Observatory never fails to deliver absolutely stunning images from the Sun: as of 18:49 UT today, the above picture is what the Sun looked like in the ultraviolet spectrum. The prominence that you are seeing looping ...
This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>
Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...
Fox <b>News</b> Co-Host Bill Hemmer Is An Adrenaline Junkie
Former bungee jumper now gets his thrills the way many people do -- from Fox News Channel.
bench craft company rip offBreaking <b>News</b>: Watch A Gigantic Looping Solar Prominence
The Solar Dynamics Observatory never fails to deliver absolutely stunning images from the Sun: as of 18:49 UT today, the above picture is what the Sun looked like in the ultraviolet spectrum. The prominence that you are seeing looping ...
This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>
Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...
Fox <b>News</b> Co-Host Bill Hemmer Is An Adrenaline Junkie
Former bungee jumper now gets his thrills the way many people do -- from Fox News Channel.
bench craft company rip offBreaking <b>News</b>: Watch A Gigantic Looping Solar Prominence
The Solar Dynamics Observatory never fails to deliver absolutely stunning images from the Sun: as of 18:49 UT today, the above picture is what the Sun looked like in the ultraviolet spectrum. The prominence that you are seeing looping ...
This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>
Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...
Fox <b>News</b> Co-Host Bill Hemmer Is An Adrenaline Junkie
Former bungee jumper now gets his thrills the way many people do -- from Fox News Channel.
bench craft company rip off
We are just weeks away of beginning the New Year and my brief conversation with a local Realtor only indicates what we will see in early 2011. More cash investors.
I spoke with a local Realtor here in South Florida, Jeff who is with Ethree Realty located in Fort Lauderdale. He stated how busy they are with bank-owned properties. With the announcement of Fannie Mae and Freddie Mac unfreezing the foreclosed homes they had on hold due to the “robo signing” notified Realtors to resume taking offers and closing on bank owned property. As Jeff stated their office was flooded with calls from people looking to see what bargains could be had. It certain feels like a great buyers market and for some perhaps it is, but with lender guidelines still being extremely strict, not many average Joe's can get financing, and if they can the cash investors usually win. Investors flood to Florida to pick up great bargains and reap the rewards of an overly drenched inventory.
I have been in the mortgage and foreclosure business for over 14 years now and have been through the height of the refinance market and have worked in the foreclosure arena for the past 3 and a half years. All across America I have heard the stories of families losing their homes, some sad and some just out right abusing the system. As the market tries to stabilize itself and we come to the end of 2010, we have to ask ourselves if 2011 will be the year things begin to get better.
As I troll the news and look for articles to review and blog about it seems from Realtors to mortgage experts to even law officials, everyone seems to agree the real estate market is going to take some time to recover. Foreclosures have certainly slowed due to many loan modification programs being offered by lenders, but you will find this following data shocking! Over 700,000 Americans who have entered into a loan modification have ultimately been booted out of the government’s Home Affordable Modification Program. There is an estimated 4 to 5 million homes in foreclosure and possibly more facing foreclosure in the near future. So how does this paint the outlook for 2011? Doom and gloom?
Continued on the next page
(We never hear much anymore about that $25 billion dollar outlay from Fannie and Freddie, do we?)
There’s so much to talk about here. First off, if you subtract it out, roughly $38 billion in TARP savings is coming from under-delivery on HAMP. That’s 152% of the estimated total cost of the entire program. So if HAMP fulfilled its goals, TARP would have cost 152% more. In other words, a big element of the persistent theme of TARP “saving taxpayers money” comes from the government reneging on its promise to help struggling homeowners.
Second, the report makes clear that $8 billion of the $12 billion that will ultimately be spent comes from unrelated mortgage-relief programs outside of HAMP itself. In reality, HAMP will get a $4 billion dollar commitment when all is said and done, just 8% of the total allocated. The Hardest Hit Fund (grants to states with the biggest housing problems) and the FHA Short Refinance program (incentive payments for underwater borrowers), two programs created on the fly, will end up spending twice as much money as the Administration’s signature foreclosure mitigation program.
Third, this is a far more realistic assessment of HAMP than OMB’s insistence that $46 billion of the $50 billion will be spent. Unlike that projection, CBO looks at the actual numbers of homeowners participating in the program. This has fallen off considerably in recent months. Given that only 483,000 homeowners are currently in active, permanent modifications, and that fewer and fewer get their trial mods converted with each passing month, CBO’s numbers are simply more realistic. For OMB to be correct, some flood of permanent modifications would have to enter the system over the next year, and servicers don’t really want to modify any loans. So that’s not happening.
Fourth, let’s stipulate that HAMP was insufficient to deal with the enormity of the foreclosure mess even if it had worked perfectly. Federal Reserve Governor Elizabeth Duke testified before Congress a couple weeks ago that she expects 6.5 million more foreclosure filings between now and 2012, and if you add in 2009 you’d have over 8 million foreclosures while HAMP was active; other analysts put the number as high as 11 million. So its goal of 3-4 million modifications was under half of total foreclosure filings. And in reality, it didn’t cover more than 6%.
Fifth, as John Taylor of the National Community Reinvestment Coalition told CNBC yesterday, this unending stream of foreclosures serves as a lead weight on the economy. If you are going to cut back on any expenditure, the one that would curtail the supply on the market, stabilize neighborhoods, provide a floor for housing prices and start to allow homeowners to build equity again would not be the one.
bench craft company rip offBreaking <b>News</b>: Watch A Gigantic Looping Solar Prominence
The Solar Dynamics Observatory never fails to deliver absolutely stunning images from the Sun: as of 18:49 UT today, the above picture is what the Sun looked like in the ultraviolet spectrum. The prominence that you are seeing looping ...
This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>
Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...
Fox <b>News</b> Co-Host Bill Hemmer Is An Adrenaline Junkie
Former bungee jumper now gets his thrills the way many people do -- from Fox News Channel.
bench craft company rip offBreaking <b>News</b>: Watch A Gigantic Looping Solar Prominence
The Solar Dynamics Observatory never fails to deliver absolutely stunning images from the Sun: as of 18:49 UT today, the above picture is what the Sun looked like in the ultraviolet spectrum. The prominence that you are seeing looping ...
This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>
Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...
Fox <b>News</b> Co-Host Bill Hemmer Is An Adrenaline Junkie
Former bungee jumper now gets his thrills the way many people do -- from Fox News Channel.
bench craft company rip offBreaking <b>News</b>: Watch A Gigantic Looping Solar Prominence
The Solar Dynamics Observatory never fails to deliver absolutely stunning images from the Sun: as of 18:49 UT today, the above picture is what the Sun looked like in the ultraviolet spectrum. The prominence that you are seeing looping ...
This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>
Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...
Fox <b>News</b> Co-Host Bill Hemmer Is An Adrenaline Junkie
Former bungee jumper now gets his thrills the way many people do -- from Fox News Channel.
bench craft company rip offBreaking <b>News</b>: Watch A Gigantic Looping Solar Prominence
The Solar Dynamics Observatory never fails to deliver absolutely stunning images from the Sun: as of 18:49 UT today, the above picture is what the Sun looked like in the ultraviolet spectrum. The prominence that you are seeing looping ...
This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>
Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...
Fox <b>News</b> Co-Host Bill Hemmer Is An Adrenaline Junkie
Former bungee jumper now gets his thrills the way many people do -- from Fox News Channel.
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