I believe many of us have long said that prices should correct 40-70% in high cost areas. Most have also said that subprime is just a part of the foreclosures and that the worst is yet to come. Most will also agree that the meltdown will continue until 2010 to 2012 at a minimum, and that incomes have to rise substantially before the market will ever see the same levels.
We also all know that stated income has been replaced with DTI's between 52-65% on government and agency product (via AUS), and that seller funded down payment grants are prevalent. All this does, however, is to allow fiscally irresponsible buyers and lenders to hold prices up beyond the reach of most buyers. Higher prices substantially limit sales. Furthermore, the taxpayers get a double whammy of first being forced to bear higher housing prices and second, to be forced to pay for the FHA losses via taxpayer funded credit subsidy. This is going to cost taxpayers a BUNDLE!
We all know that with high fuel prices, high food prices, inflation, lower dollar, increasing unemployment, increasing foreclosures, declining real estate market, retracting credit market, and declining tax revenues that the big picture is scary enough to belong in Rod Serling's Night Gallery.
We also all know that the Government, left to their own devises will find a way to make it worse, and make changes temporarily permanent. The proposed amendment has a built in 6 month extension. We all also know that there are a ton of unscrupulous individuals and companies that can do a ton of damage over a 1 year period.
What I don't see discussed here is discussion on how to inundate our state reps and and the Senate Banking Committee with the message that this is unacceptable.
Brokers can go to NAMB for assistance because NAMB applauds the Act. In fact, its what they have been working on for quite some time now.
What needs to happen is that members of the mortgage industry and public need to make some noise, and they need to make it quick.
Here is the canned response I received from Congressman Darrel Issa:
Quote:
Dear Ms. Xxxxxx:
Thank you for contacting me to share your thoughts on the Temporary FHA Direct Endorsement Lender Participation Act of 2008 .
Representing the interests of the 49th Congressional District is made much easier by people like you, who take the time and effort to share their opinions with me. Your comments concerning the Temporary FHA Direct Endorsement Lender Participation Act of 2008 have been noted. I will be sure to keep them in mind when related issues come before me in the House of Representatives.
To view my positions and additional information on current issues, please visit my website at www.house.gov/issa. Each week, I survey comments received from my constituents and post statements on the issues of greatest interest. Please return to the website often as new information is added frequently.
Again, thank you for contacting me about this matter of concern to you.
Sincerely,
Darrell Issa
Member of Congress
I'm going to see how many of these I can collect.
Anybody have any ideas?
I have sent Dodd two emails and no response as of yet. Not even a form letter
I believe many of us have long said that prices should correct 40-70% in high cost areas. Most have also said that subprime is just a part of the foreclosures and that the worst is yet to come. Most will also agree that the meltdown will continue until 2010 to 2012 at a minimum, and that incomes have to rise substantially before the market will ever see the same levels.
We also all know that stated income has been replaced with DTI's between 52-65% on government and agency product (via AUS), and that seller funded down payment grants are prevalent. All this does, however, is to allow fiscally irresponsible buyers and lenders to hold prices up beyond the reach of most buyers. Higher prices substantially limit sales. Furthermore, the taxpayers get a double whammy of first being forced to bear higher housing prices and second, to be forced to pay for the FHA losses via taxpayer funded credit subsidy. This is going to cost taxpayers a BUNDLE!
We all know that with high fuel prices, high food prices, inflation, lower dollar, increasing unemployment, increasing foreclosures, declining real estate market, retracting credit market, and declining tax revenues that the big picture is scary enough to belong in Rod Serling's Night Gallery.
We also all know that the Government, left to their own devises will find a way to make it worse, and make changes temporarily permanent. The proposed amendment has a built in 6 month extension. We all also know that there are a ton of unscrupulous individuals and companies that can do a ton of damage over a 1 year period.
What I don't see discussed here is discussion on how to inundate our state reps and and the Senate Banking Committee with the message that this is unacceptable.
Brokers can go to NAMB for assistance because NAMB applauds the Act. In fact, its what they have been working on for quite some time now.
What needs to happen is that members of the mortgage industry and public need to make some noise, and they need to make it quick.
Here is the canned response I received from Congressman Darrel Issa:
Quote:
Dear Ms. Xxxxxx:
Thank you for contacting me to share your thoughts on the Temporary FHA Direct Endorsement Lender Participation Act of 2008 .
Representing the interests of the 49th Congressional District is made much easier by people like you, who take the time and effort to share their opinions with me. Your comments concerning the Temporary FHA Direct Endorsement Lender Participation Act of 2008 have been noted. I will be sure to keep them in mind when related issues come before me in the House of Representatives.
To view my positions and additional information on current issues, please visit my website at www.house.gov/issa. Each week, I survey comments received from my constituents and post statements on the issues of greatest interest. Please return to the website often as new information is added frequently.
Again, thank you for contacting me about this matter of concern to you.
Sincerely,
Darrell Issa
Member of Congress
I'm going to see how many of these I can collect.
Anybody have any ideas?
I have sent Dodd two emails and no response as of yet. Not even a form letter
Dodd is way to busy trying to save his seat to care about us little people, hahahahahaha
Dodd is way to busy trying to save his seat to care about us little people, hahahahahaha
Yeah because according to him when he was told over the phone by the LO that he was on the VIP list he didnt bother to ask why. LOL. I swear I saw his nose grow 5 inches on TV during that interview with him when he said that.
Dodd is way to busy trying to save his seat to care about us little people, hahahahahaha
Yeah because according to him when he was told over the phone by the LO that he was on the VIP list he didnt bother to ask why. LOL. I swear I saw his nose grow 5 inches on TV during that interview with him when he said that.
I am betting shortly he will give "the" speech that he has to spend more time with his family.................goodbye VP job................
That's why so much of this stuff is not prosecuted - the cost exceeds the crime. If they pursued everything the entire system would come to a grinding halt. Which is maybe what needs to happen. We could start fresh.
But undoubtedly, that would just leave a vacume for the next generation of hacks to scoop up the fat. The only values we have in this country that are held in esteem are power and money. I don't know how you cure an illness like this.
_________________ "I think we consider too much the good luck of the early bird and not enough the bad luck of the early worm." FDR
t2940 Schumpeter Reincarnate
Joined: 13 Feb 2008
Posts: 5270
Location: cave dweller
But undoubtedly, that would just leave a vacume for the next generation of hacks to scoop up the fat. The only values we have in this country that are held in esteem are power and money. I don't know how you cure an illness like this.
We cure it one person at a time starting with me..............I am humbled
But undoubtedly, that would just leave a vacume for the next generation of hacks to scoop up the fat. The only values we have in this country that are held in esteem are power and money. I don't know how you cure an illness like this.
We cure it one person at a time starting with me..............I am humbled
The majority of people we know are good people taking care of their own business. The problem lies in that grounded value people don't seek out power. Its almost like two different species. Most of us wouldn't want to put ourselves out there for public scrutinization - where every remark, relationship, etc. takes flak for nefarious reasons.
I have gone through campaigning for a friend that is a state rep and its a horror what people will say about a person from rumor and innuendo. You can have led a life of virtue and be hung out for ridicule from unflattering pictures, divorce, acquaintance relationships - endless. This poor gal had the opposing campaign send a mailer to every household in the county taken of her doing yard work in her sweats with a copy of her property tax records. She and her husband own millions in various tracts of land - and sometimes the taxes were paid late with interest.
(It was all done in lime green ink and made her look like a fat alien.)
There was a time when people's private lives were somewhat respected. With the advent of so much 24/7 media and no boundaries - politicking is a brutal, savage business. And even on a local level, the money it takes to run a campaign is staggering.
Somehow we have to take the money out of the picture. Banning advertisements - radio, print, television would help. Establishing ethical standards in media would also help. The free-for-all junk background - ex-spouses, lovers, friends, co-workers - overshadows issues. Make candidates talk and interact with their constituents. Make them write editorials in print. Too many people are elected on a 30-second sound bite.
The media plays to the lowest common mentality - idiocracy. OMG - if I could only expunge the junk in my brain that we are constantly barraged by! Maybe I could remember where I put the keys!
_________________ "I think we consider too much the good luck of the early bird and not enough the bad luck of the early worm." FDR
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