Magox Posted September 28, 2009 Share Posted September 28, 2009 State Housing Agencies in U.S. Said Slated for Treasury Help Sept. 28 (Bloomberg) -- State housing agencies in the U.S. would get help in providing mortgages to low-income borrowers under a U.S. Treasury Department program to provide new liquidity and purchase mortgage bonds, Treasury officials said. The program would provide as much as $15 billion in fresh liquidity for as long as three years and would purchase as much as $20 billion in tax-exempt mortgage bonds issued by state- sponsored housing finance agencies through the end of this year, a person familiar with the matter said. The program may be announced as early as Sept. 30, said the person, who didn’t want to be named because the plans haven’t been made public. http://www.bloomberg.com/apps/news?pid=206...id=aasnHpnGWvqQ While I understand the initiative, being that there is a lack of liquidity and funding for home loans, I just hope that the lending practices amongst some of these Agencies have been overhauled dramatically. To me it appears that you should have to be licensed and go through thorough background checks in order to service mortgage loans. Any yahoo can work for a mortgage lending agency and offer loans, which of course promotes unscrupulous lending practices causing harm to not just individuals and families but to the country itself. I know that if you want to hold a license to buy and sell stocks/commodities/bonds for investors that you have to have a pretty clean background in order to do so. Which of course helps lessen the effects of some of these exploitative acts, not entirely, but definitely helps. Now that the housing market has pretty much fallen apart, I constantly get these "characters" from the mortgage industry looking for jobs, specially here in Miami, and after a few weeks you get an idea of who you are dealing with, not everyone of course, but some of these guys are conscienceless, once again not to infer that this is the only industry that has these knavish sort of people working for them, but I would definitely say having to go through a more rigorous background testing would be prudent. However, back to the article, I am somewhat skeptical of the fact of providing significant funds to housing agencies for lower income earners, specially in a time such as this. Link to comment Share on other sites More sharing options...
DC Tom Posted September 28, 2009 Share Posted September 28, 2009 However, back to the article, I am somewhat skeptical of the fact of proving significant funds to housing agencies for lower income earners, specially in a time such as this. Because look how well lowering lending standards worked seven years ago... Link to comment Share on other sites More sharing options...
Magox Posted September 28, 2009 Author Share Posted September 28, 2009 Because look how well lowering lending standards worked seven years ago... I guess the line of thinking is that this time around it will be different, and why? Because "Hope" is a big ingredient of our new government's strategy. Link to comment Share on other sites More sharing options...
Chef Jim Posted September 28, 2009 Share Posted September 28, 2009 I guess the line of thinking is that this time around it will be different, and why? Because "Hope" is a big ingredient of our new government's strategy. That and the fact that home ownership is a right dammit and if we have to do it on the backs of the responsible so be it. Link to comment Share on other sites More sharing options...
Magox Posted September 28, 2009 Author Share Posted September 28, 2009 That and the fact that home ownership is a right dammit and if we have to do it on the backs of the responsible so be it. Subsidization is the new name of the game. Link to comment Share on other sites More sharing options...
Chef Jim Posted September 28, 2009 Share Posted September 28, 2009 Subsidization is the new name of the game. So is that Obamaspeak for redistribution? Link to comment Share on other sites More sharing options...
Magox Posted September 28, 2009 Author Share Posted September 28, 2009 So is that Obamaspeak for redistribution? I was being kind Link to comment Share on other sites More sharing options...
YellowLinesandArmadillos Posted September 28, 2009 Share Posted September 28, 2009 Sounds like the State Housing Agency "Full Employment Act" These guys need something to justify their existence... Novel idea, give it directly as a credit to the substandard homeowner and cut out the middle man... Oh yeah, it wouldn't grease enough wheels to pass. (sarcasm) Link to comment Share on other sites More sharing options...
Chef Jim Posted September 28, 2009 Share Posted September 28, 2009 Sounds like the State Housing Agency "Full Employment Act" These guys need something to justify their existence... Novel idea, give it directly as a credit to the substandard homeowner and cut out the middle man... Oh yeah, it wouldn't grease enough wheels to pass. (sarcasm) Why do they have to give our money to anybody??? Link to comment Share on other sites More sharing options...
DC Tom Posted September 28, 2009 Share Posted September 28, 2009 I guess the line of thinking is that this time around it will be different, and why? Because "Hope" is a big ingredient of our new government's strategy. More likely "This time it'll be different because it's the government helping people, not the big bad financial industry scamming them." Link to comment Share on other sites More sharing options...
Magox Posted September 28, 2009 Author Share Posted September 28, 2009 More likely "This time ______ will be different because it's the government helping people, not the big bad financial industry scamming them." WoW, you can fill in the blank and apply that argument with HealthCare Reform, Banking industry, Auto industry, Credit Card industry, (soon the Oil industry, wait until cap and trade come to the forefront) That was kind of fun Link to comment Share on other sites More sharing options...
IDBillzFan Posted September 28, 2009 Share Posted September 28, 2009 WoW, you can fill in the blank and apply that argument with HealthCare Reform, Banking industry, Auto industry, Credit Card industry, (soon the Oil industry, wait until cap and trade come to the forefront) That was kind of fun I've said repeatedly, when you hear a politician start off a sentence with "Only the government can (fill in the blank)..." it's time to put the chicken in the oven and bend over. Link to comment Share on other sites More sharing options...
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