This is going to be a bonanza.


Bush to propose subprime plan
President will discuss initiatives for helping troubled mortgage holders keep their homes, make call for stronger lending practices.
August 31 2007: 4:02 AM EDT

WASHINGTON (CNN) -- President Bush will make a statement Friday morning in the Rose Garden about homeownership financing, a senior administration official said Thursday.

The statement is scheduled for 11 a.m.


"The president will discuss a number of initiatives and reforms intended to help homeowners with subprime mortgages keep their homes," the official said. "He will also discuss reform efforts to prevent these kinds of problems from arising in the future."

Bush will direct Treasury Secretary Henry Paulson and Housing and Urban Development Secretary Alphonso Jackson to team up to help troubled mortgage holders get the services and products they need to avoid defaulting on their loans, the official said.

He will also push Congress to pass Federal Housing Administration legislation that will give the agency more flexibility to assist mortgage holders with subprime loans, the official said.

The need for rigorous enforcement of predatory lending laws and stronger, more transparent lending practices are also on the agenda for the statement, the official said.

"He will discuss his willingness to work with Congress in a bipartisan way on legislation to reform the tax code to help troubled borrowers rework their loans," he said.

Risky loans have fueled a rise in foreclosures and forced some lenders to shut down or file for bankruptcy themselves. Foreclosure filings, which include default notices, auction sale notices and bank repossessions, in July were up 9 percent over June - and 93 percent over July 2006.

Smells like another bail-out?

More corporate bailouts. Go ahead and make risky loans. The government will bail you out.

__________________
You don't need a weatherman to know which way the wind blows - Robert A. Zimmerman

Bush is a conservative?

Most of the people should have been in FHA in the first place, FHA makes a nice profit btw.

http://www.house.gov/apps/list/press/financialsvcs_dem/press050307.shtml

Howitzer- what do think the outcome of this mess is going to be and how long will we see the effects from this?

__________________
"It's normal for these things to empty your wallet and break your heart in the process."
2012 SLK 350
1987 420 SEL

Don't worry. The plan includes some form of indentured servitude. Something about homeowners in trouble being conscripted into the military to fight in Iraq . . .

__________________
" We have nothing to fear but the main stream media itself . . . ."- Adapted from Franklin D Roosevelt for the 21st century

OBK #55

1998 Lincoln Continental - Sold
Max 1984 300TD 285,000 miles - Sold
The Dee8gonator 1987 560SEC 196,000 miles - Sold
Orgasmatron - 2006 CLS500 90,000 miles
2002 C320 Wagon 122,000 miles
2016 AMG GTS 12,000 miles

Like father like son.

__________________
-Marty

1986 300E 220,000 miles+ transmission impossible
(Now waiting under a bridge in order to become one)

Reading your M103 duty cycle:
http://www.peachparts.com/shopforum/831799-post13.html
http://www.peachparts.com/shopforum/831807-post14.html

It is not a bailout. Read what FHA's role is and how they intend to issue the paper.

Although I realize that this is a holiday weekend and it would be easier to just repeat a cliche.

I hope/think we are at bottom in my market things seem on a steep upward slope but that can change in a minute. On the finance side conforming rates are excellent and this FHA stuff will move property and help the people in the scandalous subprime arms so overall things are looking good. There are still a couple banks in reserve trouble but the big guys have loads of cash and want to lend.

Once the media finds something else to chew on we'll be back to normal but I doubt subprime will be back in the near future.

Exactamondo

Well, I have made more money in the past four months in real estate than most people make in years, so I just thought I would share.

Thanks, btw

Always a pleasure