The State of Housing & Employment: Cautionary Tales

President Barack Obama, just over a week ago, asked banks to reduce the red tape associated with reducing mortgage payments for some homeowners. For those who could benefit from drastically reduced interest rates, Obama pleaded his case for his plan to help the industry. Meanwhile, so called economic experts quibble over solutions. Obama and his advisers say Real Estate is “the way” to growing the American economy – but what about manufacturing and good paying jobs?

Obama’s Foreclosure Fix Failures

The Obama administration’s attempts to deal with the foreclosure crisis have been nothing short of abysmal. As of right now, more than 6 million American homeowners remain under threat of foreclosure, or are behind on their mortgage payments. Property prices are continuing to fall, and inventories across the U.S. are overwhelmed with foreclosed homes. Obama’s

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Obama Planning Expansion of Home Affordable Refinance Program

More homeowners will be able to make the most of current low interest rates, after the Obama administration announced plans to expand the two-year old Home Affordable Refinance Program. Addressing a joint session in Congress last week, President Obama said that the government would do everything it could to assist “responsible homeowners” in refinancing their

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Obama May Reveal Mortgage Refinancing Plan Next Week

The Obama Administration is rumored to be about to reveal a new program for mortgage relief next week, in order to decrease foreclosure numbers and help homeowners stay in their homes, reports Reuters. Details of the new proposal remain a closely guarded secret, but the speculation is that President Obama is set to unveil a

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National Mortgage Complaint Center Issues Warning On U.S. Housing Market

The National Mortgage Complaint Center, a consumer advocacy group that tracks and responds to complaints in the U.S. residential mortgage market, is warning of further declines in the U.S. housing market. The group is asking the congress to immediately introduce legislation to restore buyer tax credits. But unlike the original buyer tax credit from the

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FHFA Press Release – 250,000 Foreclosures Converted To Rentals?

In a press release dated August 10, 2011, The Federal Housing Finance Agency is seeking comment on the idea of transitioning foreclosed homes into rental property, by selling the houses off to investors, who would then be required to offer them as rental property. FHFA oversees Fannie Mae and Freddie Mac, the two GSE’s who

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Government Plans To Rent Out Foreclosed Homes

The government is investigating new plans to try and limit the number of foreclosures going onto the market in an effort to prevent unsold foreclosed homes damaging values even more – by simply renting them all out instead. The Wall Street Journal reported that the Obama administration is currently examining the viability of pulling foreclosed

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Obama Administration Tries To Help Unemployed Homeowners

The Obama administration has just announced a new program which is aimed at keeping unemployed homeowners in their own homes.   This new initiative will extend the current allowance of a few months forbearance on mortgages to twelve months. It’s thought that this new scheme could benefit thousands of homeowners, although not everyone will be

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Loans For Unemployed Homeowners – Here At Last

Finally, unemployed homeowners in the U.S. can now gain access to government loans that can help them to stave off the dreaded foreclosures that are currently plaguing so many.

Top Housing Official Jumps Ship For Lobbying Job

Last week David H. Stevens announced he would step down as commissioner of the Federal Housing Administration, and this week its being announced that he will be named the next chief executive of the Mortgage Bankers Association (MBA). During his two-year stint in the Obama administration, he was a key adviser on housing-finance policies. He will succeed John A. Courson, a former mortgage banker who took the helm of the MBA in 2008. Mr. Courson’s departure is seen as a unexpected upheaval to a trade association that has had an extremely vociferous three year period.

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