I just need a place to lay my head

Take a load off fannie, and put the load right on me (i.e. the taxpayer.)


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CharlieNoSpam said...

Ever since I heard Dr. Susan Wachter of Wharton talk about the problems our economy will face in 2010 when HEL loans need to be refinanced. I have been contemplating our current economic problems with foreclosures and falling home prices. The news reported recently of CitiBank’s acceptance of a proposal to allow bankruptcy judges the ability to modify payments; the problem is that this is just one lender, and it requires a case by case review by bankruptcy judges.

A proposal called the Mortgage Equity Protection Plan is for a program that is more streamlined (using the internet), not needing all the paperwork or expense of a conventional bankruptcy, not needing to have each case reviewed by a bankruptcy judge; it takes advantage of current low fixed rates and gives all the loan servicers (& lenders) the incentive to address current and future defaults. (I assume you are familiar with the problem that Loan Servicers face in renegotiating mortgages, on behalf of their investors of Mortgage backed securities).

Most importantly, the plan would almost instantaneously end the massive numbers of homes entering the foreclosure market for the next 5 years. From a populist point of view, it would sell well, as it would be directed to helping homeowners, instead of giving it to banks (hoping they will start lending again). Meanwhile the investors who are being paid from this program, can invest again in FNMA (government backed) mortgage securities. Investors have an incentive to put their money back into this market, because the plan would solve the problem of decreasing prices, and FNMA offers better returns than Treasury notes. Another reason that this will appeal to politicians and pundits, is that these investors will not be using the money to pay executive bonuses or buy other banks,

The Mortgage Equity Protection Program meets another goal of fiscal responsibility (i.e. getting the Treasury repaid).

This plan comes from my years of experience in the Real Estate industry and my work at Mortgage Reporting Service, a consumer service that published mortgage rates for all the lenders in the Philadelphia area in the 1980’s.
I am concerned that if we don’t stop the drop in home prices now, they are going to crater to absurd levels!

This information can be found at http://charlienospam.blogspot.com/
I would be interested in your feedback.
CharlieNoSpam-Economy [at] yahoo.com

Sandy said...

Recently I was going through your blog and came to know about the story of Fannie Mae,as narrated by the brand and its really true what you wanted to say.


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Yalova Emlak said...

Recently I was going through your blog and came to know about the story of Fannie Mae,as narrated by the brand and its really true what you wanted to say.
Yalova Emlak

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I'm curious about the video but the user has removed it..Sad to say i missed it..
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Penny Stock Blog said...

We are becoming a nation of financial services companies. All these companies do is recycle money. The result is no useful products and services are being produced or sold. The idea that the bedrock of the united states economy can be a country of bankers financial planners financial researchers dealing with numbers marketing consultents' lawyers is completly false. I could go on and on about this subject but I need not. The intangable economy of sorts must be replaced with a economy that produces or provides useful products and services that are really needed. Otherwise we will end up with a few bright CPA's with master degrees siting behind desks making a good living and everybody else cleaning the carpeting and emptying the wast paper baskets. For two dollars an hour.

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