Mortgage Town

Borrowing for the future

Blitz Says Tighter Mortgage Lending Is Hurting Housing

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Jan. 20 (Bloomberg) — Steven Blitz, an economist at ITG Investment Research, Daniel Alpert, managing director at Westwood Capital LLC, and Stephen Wood, chief market strategist at Russell Investments, talk about the U.S. housing market, increased lending standards at banks and the European sovereign debt crisis.
They speak with Pimm Fox on Bloomberg Television’s “Taking Stock.” (Source: Bloomberg)

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Chelsea FC – Loan deal for McEachran

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Josh McEachran spoke to Chelsea TV on his Loan deal at Swansea until the end of the season.

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Pros and cons of U.S. mortgage relief: economist Sargent

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Jan. 11 – There are pros and cons to providing a big Mortgage relief program to stimulate recovery in the U.S., says economist and Nobel laureate Thomas Sargent.

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Amarillo Home Prices and Record-Low Interests Make for Happy Buyers

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KVII-TV Amarillo Pronews 7 Report By Kyndel Lee-Bates
Real estate agents say Amarillo has a reputation for more affordable homes, and that combined with record low-interest rates can satisfy home buyers.

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Best Mortage Deals – Best Mortgage Deals

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Newt Gingrich vs Ron Paul On Predicting The Economic Collapse

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Newt Gingrich, April 24, 2007, at a meeting for Freddie Mac employees:

“Certainly there is a lot of debate today about the housing GSEs [government-sponsored enterprises], but I think it is telling that there is strong bipartisan support for maintaining the GSE model in housing. There is not much support for the idea of removing the GSE charters from Freddie Mac and Fannie Mae. And I think it’s clear why. The housing GSEs have made an important contribution to homeownership and the housing finance system. We have a much more liquid and stable housing finance system than we would have without the GSEs. And making homeownership more accessible and affordable is a policy goal I believe conservatives should embrace. Millions of people have entered the middle class through building wealth in their homes, and there is a lot of evidence that homeownership contributes to stable families and communities. These are results I think conservatives should embrace and want to extend as widely as possible.”

Ron Paul, July 16, 2002, before the House of Representatives:

“Mr. Speaker, I rise to introduce the Free Housing Market Enhancement Act. This legislation restores a free market in housing by repealing special privileges for housing-related government sponsored enterprises (GSEs). These entities are the Federal National Mortgage Association (Fannie), the Federal Home Loan Mortgage Corporation (Freddie), and the National Home Loan Bank Board (HLBB)…

“One of the major government privileges granted these GSEs is a line of credit to the United States Treasury. According to some estimates, the line of credit may be worth over $2 billion. This explicit promise by the Treasury to bail out these GSEs in times of economic difficulty helps them attract investors who are willing to settle for lower yields than they would demand in the absence of the subsidy. Thus, the line of credit distorts the allocation of capital…

“Ironically, by transferring the risk of a widespread mortgage default, the government increases the likelihood of a painful crash in the housing market. This is because the special privileges of Fannie, Freddie, and HLBB have distorted the housing market by allowing them to attract capital they could not attract under pure market conditions. As a result, capital is diverted from its most productive use into housing…

“However, despite the long-term damage to the economy inflicted by the government’s interference in the housing market, the government’s policies of diverting capital to other uses creates a short-term boom in housing. Like all artificially-created bubbles, the boom in housing prices cannot last forever. When housing prices fall, homeowners will experience difficulty as their equity is wiped out. Furthermore, the holders of the Mortgage debt will also have a loss. These losses will be greater than they would have otherwise been had government policy not actively encouraged over-investment in housing.”

(Note the dates of these quotes — Gingrich was speaking shortly before the mortgage meltdown, while Ron Paul’s remarks were made in 2002, when very few people even knew there was a housing bubble.)

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The Young Turks with Cenk Uygur – PRep. Cardoza’s plan to refi mortgages rebuffed by Obama admin

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Rep. Dennis Cardoza (D-Calif.) was elected by a district where 30 percent of homes have been foreclosed on and 70 percent are under water on their Mortgages. Cardoza tells Cenk about his plan to prevent foreclosure through widespread mortgage refinancing — and how he’s been rebuffed by the Obama Administration since the beginning of their term.

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“We Have Not Prosecuted ANY Of The Banks Or ANY Of The Players In The Mortgage Fraud Crisis”

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December 06, 2011 MSNBC
http://MOXNews.com

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Funding For Mortgage Intervention Program May Run Out

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KMBC’s Kris Ketz reports.

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Thousands attend mortgage restructuring event

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It’s a testament to just how bad the economy is: an event in Hartford to help homeowners with their Mortgages drew in thousands of people on Tuesday.

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