Congress looking at Lending industry...

[AirtimeLavey]

Daily Real Estate News | April 17, 2007
Congress Takes on Lending Industry
Congress is targeting the rising tide of home foreclosures and the sagging subprime loan business, and its efforts are likely to result in changes in the way the home finance industry does business.
Here are some key proposals on the table:
Impose a six-month national moratorium on foreclosures.
Increase federal support for local foreclosure prevention programs.
Strengthen the Federal Housing Authority and give it a "rescue fund" that
would allow it to buy failed mortgages and restore credit on the loans.
Increase penalties on banks that violate federal lending laws.
Extend federal regulations to mortgage brokers and other loan officers who are now only regulated by state laws.
Create a federal anti-predatory lending law.
Establish a federal standard for a borrower's ability to pay.
Source: Gannett News Service, Ana Radelat (04/13/07

[Tequila-John]

Oh Boy

[NICE PAIR]

As a taxpayer , this probably won't cost me anything.:rolleyes:

[YeLLowBoaT]

they did it too themselfs...and the people that signed on the dotted line with out reading it are in th esame boat.

[bigq]

Nice bailout, I am sure that nice tax increase they have on the table sure will help:rolleyes: . Isn't that industry already regulated?

[Old Texan]

Just another intervention program coming on after the horses left the corral. Let's see S&L scandals of the 80's, Dot Com fiasco of the 90's, it's now the latter 00's....I'd say we're due for another "unregulated something scam". History will always repeat itself with the morons we send to DC on patrol.:mad:

[DCBob]

Just another intervention program coming on after the horses left the corral. Let's see S&L scandals of the 80's, Dot Com fiasco of the 90's, it's now the latter 00's....I'd say we're due for another "unregulated something scam". History will always repeat itself with the morons we send to DC on patrol.:mad:
Oh, they're supposed to be doing something :confused: I thought they just signed on for the great retirement benefiets (full lifetime salary after 2 terms in office) :sleeping: :rolleyes: :mad:

[68campbell]

As someone in the loan biz, we already have to let the borrower know everything on the loan or we get in trouble. I have seen more deals that the RE agents, who have the all or nothing mentality push the borrower in to fudging the facts.

[Hotcobra270]

This might be the end to "stated" deals.. Its getting harder and harder to do these deals with all the triple checking into licenses and average salary for whatever position your stating.

[AirtimeLavey]

Nice bailout, I am sure that nice tax increase they have on the table sure will help:rolleyes: . Isn't that industry already regulated?
Not as regulated as you would think. That will probably change.
As someone in the loan biz, we already have to let the borrower know everything on the loan or we get in trouble. I have seen more deals that the RE agents, who have the all or nothing mentality push the borrower in to fudging the facts.
Wow, passing the buck after taking it, huh? Fact of the matter is the blame goes all around, the consumer, the lender, the appraiser and sometimes the realtor. I'm generally not sitting there with my client as they talk to the lender or filling out the app. Usually, the lender is.

[dumbandyoung]

i got this in my email today from my boss...i know its a little off topic but..
SUBPRIME CONCERNS CONTINUE TO AFFECT BUILDER CONFIDENCE
Increased sales cancellations resulting from rising concerns about the subprime mortgage market continue to lower the confidence level of the nation's home builders, which declined for the second consecutive month in April, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). The seasonally adjusted HMI stands at 33 this month, down three points from March and down 18 points from a year ago. The HMI has remained between 30 and 39 since July 2006. An HMI below 50 indicates more builders view sales conditions as poor versus good.
"The tightening of mortgage lending standards in connection with the subprime crisis has shaken the confidence of both consumers and builders," said NAHB Chief Economist David Seiders. "While we still expect to see some improvements in housing market activity beginning later this year, the downside risks and uncertainties surrounding that forecast are considerable."
All three HMI components decreased this month. The component measuring sales expectations for the next six months declined six points to 44, while the components gauging current sales and buyer traffic decreased to 33 and 27, respectively. Builder confidence declined throughout the country in April, and the HMI in the West posted a two-point decline to 35.

[riverfun]

Thats BS I work hard get all my props on fixed loans save up good $ waiting for all the sh-t to hit the fan and pick up a couple more rentals and now this! why should I get punished for being smart and conservative?:mad:

[AirtimeLavey]

Thats BS I work hard get all my props on fixed loans save up good $ waiting for all the sh-t to hit the fan and pick up a couple more rentals and now this! why should I get punished for being smart and conservative?:mad:
Don't worry, there'll be plenty of opportunity for you. To my knowledge, these are discussions and one of the arguments against is that while they want to help the consumer, they don't want to bail out the lenders who they view as creating this mess.

[77charger]

Bunch of BS in my opinion.Most of these people who got ridiculous loans should have known from the get go that the amount of loan was out of their league but instead just wanted to get that house that was more than they could afford then refi it and pull money out to buy new toys and stuff.They sign there obligated to pay the price.

[73kona455]

So... we have one bunch of crooks, looking into another bunch of crooks?
:rolleyes: :rolleyes: :rolleyes:

[OCMerrill]

So... we have one bunch of crooks, looking into another bunch of crooks?
:rolleyes: :rolleyes: :rolleyes:
This sums it up perfectly.
And we all get to pay for it.
Every reply to this thread is spot on.
You know I did not do to well in Vegas last time. Is there a program where I can get my money back?:idea: I was mislead by all the bill boards along the 15 that said I would be a winner! :idea:
Our government these days...Stupid is as stupid does.

[Freak]

Just another intervention program coming on after the horses left the corral. Let's see S&L scandals of the 80's, Dot Com fiasco of the 90's, it's now the latter 00's....I'd say we're due for another "unregulated something scam". History will always repeat itself with the morons we send to DC on patrol.:mad:
I think your right on the money...I also think this is going to blow all the other scandals away. Enron was 100 million. I say this one will be 1 trillion in losses.
Where are all the "they are not making anymore land in AZ....house prices will continue to rise" loons?
I'll say it again...we live in a time of robber barons.