U.S. Housing Market
U.S. Housing Market – Real Estate Mortgage Black Hole
U.S. Housing Market
Recently the headlines were stating that Fannie Mae is asking for an additional $7.8 billion dollars just to cover its losses in the July through September quarter of this year!
For my consistent readers you may recall that on September 5, 2008, I published a post titled: Govt. Take Over Of Fannie Mae and Freddie Mac Could Cost Billions. Also, again on April 4, 2010 I published another post entitled Fannie Mae and Freddie Mac – walking dead. So today’s announcement is no surprise and should be looked on as just one of many future calls for billions in bailout. Read more 
The Revised Home Affordable Refinance Program (HARP2)
housing market
HARP and Ideas For A Mortgage Principal Program
I like to clarify some misconceptions about the revised home affordable refinance program talked about in my prior post. Although the operational details are not scheduled to be released until November 15th. It’s clear that this program does not reduce the principal loan balance.
With that cleared up, it still my opinion that when the cost of administration is considered, I am very dubious that this will be a cost-effective program. Sure, it will help out some homeowners and the fact that it is a much more sensible program by having one of the qualification criteria as not being behind on your mortgage payments in the prior six months and only one late payment in the past year, for once, directs benefits to the responsible homeowners. Read more