Senate Agree on Mortgage Bill
- By:
- MortgageLoan.com | April 02, 2008
Despite varying points of view from both the Democrats and Republicans on how best to tackle the nation's housing related economic crisis, Senate today voted to consider legislation aimed at helping millions of homeowners avoid foreclosure.
The bipartisan bill had initially faced strong resistance from Republicans, who blocked the measure with a legislative procedure in February, claiming Democrats refused to allow amendments that would make the bill more palatable.
Key elements of the bill include expanded mortgage counseling, money for local governments to buy foreclosed properties and a controversial proposal to let bankruptcy judges to rewrite mortgage contracts in bankruptcy proceedings. Republicans and Lenders oppose the final provision, saying it would raise the costs of mortgages for all borrowers.
Speaking with reporters today, senators from both parties declined to say what elements would be included in the final bill, assuming a compromise can be reached by both sides.
Senate Majority Leader and Nevada Democrat Harry Reid had earlier stressed the need for action to reporters saying, "We're concerned about today...We feel the White House should direct its attention to what needs to be done now."
Both leaders of the Democrats and Republicans hope to have a deal brokered by the end of Wednesday.
Bankruptcy Reform Back on the Table
- By:
- Bill Rice - MortgageLoan.com | November 21, 2008
One of the earliest ideas for helping homeowners facing mounting mortgage debt and potential foreclosure on their home was to reform bankruptcy laws. The concept is now officially back on the table, introduced into the Congressional lame-duck session by Senator Richard Durbin (D-IL).
TARP is Closed for Relief Until Further Notice
- By:
- Bill Rice - MortgageLoan.com | November 20, 2008
Remember what a crisis the $700 billion mortgage market bailout was--the very existence of the American financial order hung in the balance.
Fixing the Housing Market, Lots of Ideas...Any Answers?
- By:
- Bill Rice - MortgageLoan.com | November 19, 2008
Almost a year into the dawning of the housing crisis (many chronologist are setting that around the January 2008 crumbling of Countrywide) ideas continue to flow, but few seem to be the answer. In fact, this seems to be the growing consensus--there is no silver bullet.
G-20 Lots of Motion, Will There Be Action?
- By:
- Bill Rice - MortgageLoan.com | November 18, 2008
The 20 most powerful industrial nations, and now the caretakers of an unprecedented global financial crisis, assembled in Washington DC over the weekend. Their mandate was broad and daunting--stabilize world markets.
FDIC Challenges Treasury with New Loan Modification Proposal
- By:
- Bill Rice - MortgageLoan.com | November 17, 2008
On the heels of the Treasury and Federal Housing Finance Agency's (FHFA) loan modification plan for Fannie Mae and Freddie Mac, the FDIC releases their own proposal. In this unprecedented, unilateral, and aggressive move by a Federal agency the FDIC is essential fighting a very public political battle directly with the Treasury and the current Administration.
Mortgage Rates Drop for Second Straight Week
- By:
- Bill Rice - MortgageLoan.com | November 14, 2008
Another week of dismal economic data have again pushed down mortgage rates. Freddie Mac reported Thursday that 30-year fixed-rate mortgages averaged 6.14 percent, down from 6.20 percent last week. This demonstrates a steep decline from 6.46 percent two weeks prior.
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