As opposed to letting the foreclosure process hit bottom, CAR reports the following:
Mortgage deal could bring billions in relief
On Thursday, federal and state officials announced a $26 billion foreclosure settlement with five of the largest home lenders. California is expected to receive approximately $12 billion in principal write-downs, including through short sales, over the next three years, according to the state attorney general's office.
Making sense of the story
The deal settles potential state charges about allegations of improper foreclosures based on robo-signing, seizures made without proper paperwork.
The settlement sets up a federal monitor to oversee the process and try to prevent the challenges that tripped up many homeowners seeking help in earlier programs designed to address the housing crisis.
Most of the relief will go to those who are underwater on their homes. That relief will come over the course of the next three years, with banks having incentives to provide most of the relief in the next 12 months.
At least $17 billion will go to reducing the principal owed by homeowners who are underwater and behind on their mortgages.
Up to 750,000 other underwater homeowners who are current on their mortgages will be able to refinance their current loans at lower rates. They will not receive a reduction in principal, but with mortgage rates near record lows, they could receive substantial savings on their monthly payments.
Approximately $1.5 billion will go to homeowners who had their homes foreclosed upon between Jan. 1, 2008 and Dec. 31, 2011, and who meet other criteria. They will receive up to $2,000 each.
The five mortgage servicers that are parties to the settlement include Bank of America, JPMorgan Chase, Citigroup, Wells Fargo, and Ally Financial (formerly GMAC).
Voting is important. See you at the polls. Bob
Bob Vasquez - 3 weeks ago
Here is a response from the Calif. Assoc. of Realtors and, as real estate professionals, you should read it all; then, check out the support statement at the end:
"President Obama details plan to help responsible homeowners
In his State of the Union address, President Obama laid out a plan to help responsible borrowers and support a housing market recovery.
Key aspects of the president’s plan include:
Broad-based refinancing: The president’s plan will provide borrowers who are current on their payments with an opportunity to refinance and take advantage of historically low interest rates
Homeowner Bill of Rights: The president is putting forward a single set of standards to make sure borrowers and lenders play by the same rules, including: Access to a simple mortgage disclosure form, so borrowers understand the loans they are taking out; full disclosure of fees and penalties; guidelines to prevent conflicts of interest that end up hurting homeowners; support to keep responsible families in their homes and out of foreclosure; and protection for families against inappropriate foreclosure, including right of appeal.
First pilot sale to transition foreclosed property into rental housing: The FHFA, in conjunction with Treasury and HUD, is announcing a pilot sale of foreclosed properties to be transitioned into rental housing. C.A.R. is opposed to bulk sales of REO properties in California.
Providing a full year of forbearance for borrowers looking for work: Following the administration’s lead, major banks and the GSEs are now providing up to 12 months of forbearance to unemployed borrowers.
Pursuing a joint investigation into mortgage origination and servicing abuses: This effort marshals new resources to investigate misconduct that contributed to the financial crisis under the leadership of federal and state co-chairs.
Rehabilitating neighborhoods and reducing foreclosures: In addition to the steps outlined above, the administration is expanding eligibility for HAMP to reduce additional foreclosures, increasing incentives for modifications that help borrowers rebuild equity, and is proposing to put people back to work rehabilitating neighborhoods through Project Rebuild.
C.A.R. and NAR support the Obama Administration’s efforts to help homeowners and the struggling housing market, because restoring the health of the housing market is critical for the nation’s economic recovery."
joe lunch bucket - 4 weeks ago
as of 2-1-12 votes in show;....... 52% GOP
42% DEM
06% Other
Steve Kingston - 4 weeks ago
If you're a republican and ANYTHING other than a wealthy white male (or an eager, young, preening & striving one)... makes NO SENSE... like a Jew joining the nazi party.
The repubs also have created a completely loony, fictional version of President Obama during the repub primaries with massive distortions and lies. But guess what repub candidate? You're going to have to debate & run against the REAL Barack Obama... and he's gonna whup yo ass!
Armando - 4 weeks ago
03167038149
Robert - 4 weeks ago
With the founding fathers dream the idea of a Free Country has been deluted. We are now living under a monarchy that is dividing the haves from the have nots. We The People need to take action and stop the down fall of our once great nation and tell the politicians from both parties that we have had enough. We need to stop being complacent and thinking that as a individual we cant make a change. We The People need to push our friends and families to the polls so our voice will be heard. And stop blaming the minority of the poeple that make the effort to vote. At least they are trying to make the change, and we heard BHO change speach, we need to make that Change starting now. We need to elect people that are for America and not for thier personal interrest groups.
JoeR - 4 weeks ago
I am surprised at the 'results' so far. (I live in a republican area). In stead of name calling and other non-signifigant reasoning, I would like to hear from some of the Obama supporters on why they are voting for him again this next fall. Is it because he's not rerpublican, or do you like the things he's done? If so, what do you like? This is a serious question, and I hope to get some intelligent responses. Many thanks all for the read.
Bob Vasquez - 4 weeks ago
I read all the comments, above, and they are all well-orchestrated by the RNC. Take a moment and read them all for yourself and you will see the same old talking points repeated time after time. It would be nice to read a cogent argument and not the same old worn out talking points. Unfortunately, the Republican party is adrift with no real message. I have listened to every s0-called Republican debate and all that there is is bickering and platitudes. For the record, I used to be a Republican but, never again. One indicator of people who have very little to offer regarding public policy is their use of nasty language. If you do read all the comments, note the frequency of just plain nasty words an attempts at insult. Such language does not constitute an argument. An Obama supporter.
Esteban - 4 weeks ago
Wanda,
I am not sure I understand your logic. It sounds like you are advocating 8 year terms. The only premise that you point to is the fact that new presidents have to deal with EGO's of the opposite party, and how hard of a job BHO has dealing with these EGOs. Really... This is a rediculous premise based on the fact that he had for the first two years a compliant congress both heavily Democratic in the House and Senate. What did BHO do these 2 years, he rammed down the throats of all Americans a health care bill we cant pay for(on yeah we still are not insuring everyone), increased the national debt by more than 6 trillion dollars, a failed jobs bill passed, everytime he needs more. Stop drinking the cool-aid people this is not the CHANGE we were looking for 3 plus years ago.
He is going to really screw things up with our industry very soon when they pass the National Rental Program. If all GSE's take 50% of there inventory out of the market what homes will we have to sell. Wanda you are right about one things are difficult. But BHO is not helping he is hindering the industry.
Regarding Latino Women, I am not one so I will not go there. But do know this, you are being swooned by a president that needs your vote in November. I am going to tell you what I have always told my 3 little sisters, "ask yourself, what does he really want, you gotta get past the pick-up line, because that is all it is." My three sisters have all been divorced because they have yet to marry a MAN of substance. They all had a great pick-up line though...
As disheartening as this poll seems the reality is BHO is not over 50%. I hope it stays this way in November.
rj - 4 weeks ago
obama is an idiot, you do NOT want four more years of his ignorance.
soldier fortune - 4 weeks ago
Latinos will influence the 2012 election ? Does that mean legal Latinos? I guess Obama is better than what they have south of the border. POVERTY, well pilgrims looks like will be in that boat if we have 4 more years of this bafoon! The first two years of his presidency he has accumulated national debt at a rate more than 27 times as fast as during the rest of our entire nations history. Solyndra is a centerpiece of the presidents green energy plan- waste, fraud, failure, and funneling money to his political supporters. YES just like Mexico!! Obamas tycoons Barney Frank and Harry Reid have destroyed the American dream of owning property. Thanks democrates your blind, and lost remember what happened in Argentina and Germany. Get educated before you vote!!
Wanda Klor - 4 weeks ago
It saddens me to see that any of you would even dream(because obviously it's not based on facts that show that conditions would be any more favorable for Latinos or women) that ANY Republican candidate could do a better job than Obama. The only way to bring about change is to break the Republican/Democrat mold- as difficult as that seems. Bringing to office someone for 4 years with all the opposition that a new president gets from the egos of the opposite side- there will NOT be ANY change and women & latinos in general will only suffer more by having a new president.... Things are not that simple.....
Mary Deeringer - 4 weeks ago
I think Alex's comment tells it all.............We don't want to be under a dictatorship or like Europe. We are the land of the free and we the people need to stand up for our rights! Obama was voted in by a vast majority of ignorant people. Now he needs to go away. Not being a Us Citizen should have been enough to impeach him. We'd be nuts to put him back in office to do more damage. He promised Change, and we got change all right.........not what we were expecting was it! I rest my case.
Jaime Capella - 4 weeks ago
I just can't beleive people still go for Obama. He hasn't done anything to better our industry. People need to see the facts and not act by emotion. Our industy will be better with any other president.
Lenny - 4 weeks ago
Wow amazing that so many still like Obama. It is the entitlement mentality. Take from the rich, give to the poor. Robin Hood is famous for doing that -- but read history: He stole from the TAX COLLECTOR -- the GOVERNMENT -- the Sheriff of Nottingham was a TAX COLLECTOR. Robin Hood stole from the GOVERNMENT FAT CATS like OBAMA who never held a real job in is life to give the money back to where they STOLE it from. Almost 50% of Americans pay NO TAXES. The "RICH" are supporting them! What happens when they won't pay anymore? GET OFF YOUR LAZY BUTTS and WORK.
Juan Vicente - 4 weeks ago
Wow! We sure have turned into blind liberals! You people would vote again for O-bum-a?
I have friends within the Dem Party (like they work for the actual party) that refuse to vote for Obama again.
I have been a life long Republican, but now realize that both parties are for the most part, F.O.S.
I would rather vote for Ron Paul, jeez.
We need a change in the way all politicians handle our affairs. I am an american, of hispanic decent, and I love my country, but this $h!t is ridiculous! I think that most of our 'systems' , ie Justice System, Economic System, etc. as well as many of our 'policies', mostly the foreign ones, are just too flawed for what we are... a super power!
People have to grow the heck up, take responsibility, and get the job done. You can't make everyone happy, that's just it, they get into office with grandeur ideas that they're gonna change the world, then they realize that they can't do much because of all the b.s. bureaucracy that 'is' our great government. Whatever...
J
Jason - 4 weeks ago
What? How come Rick Santorum isn't an option? Santorum beat Gingrich in 2 out of 3 states. Santorum also beat Paul in 2 out of 3 states. Santorum has been beating Paul in almost all National Polls.
Come on.
Alex Figueroa - 6 weeks ago
I cannot believe that the number of people that are voting Republican is so small and that theyre blind to the fact that the current president Obama has'nt done one single positive thing for our country or Economy, in fact he is a Socialist that is driving this country so far back that it will take our great grandchildren to pay back the debt our country has under this Dictator....He should be banned from running and should be inpeached, for what he has done......I dont want to see any ANY Obama bumber stickers....
dale rincon - 1 month ago
Any of the Republican candidates would be dramatically better for the real estate industry. Obama is bankrupting our country, and has dragged out the natural economic process for the real estate cycle. Quasi governement Freddie and Fannie under the influence of liberal politicians promoted the horrific lending practices of subprime to the Hispanic community. It's time to get our country back on track, and create opportunity with a free market focus. Hispanics are proud and hardworking people, who only need opportunity. We don't need welfare or government enslavement.
As opposed to letting the foreclosure process hit bottom, CAR reports the following:
Mortgage deal could bring billions in relief
On Thursday, federal and state officials announced a $26 billion foreclosure settlement with five of the largest home lenders. California is expected to receive approximately $12 billion in principal write-downs, including through short sales, over the next three years, according to the state attorney general's office.
Making sense of the story
The deal settles potential state charges about allegations of improper foreclosures based on robo-signing, seizures made without proper paperwork.
The settlement sets up a federal monitor to oversee the process and try to prevent the challenges that tripped up many homeowners seeking help in earlier programs designed to address the housing crisis.
Most of the relief will go to those who are underwater on their homes. That relief will come over the course of the next three years, with banks having incentives to provide most of the relief in the next 12 months.
At least $17 billion will go to reducing the principal owed by homeowners who are underwater and behind on their mortgages.
Up to 750,000 other underwater homeowners who are current on their mortgages will be able to refinance their current loans at lower rates. They will not receive a reduction in principal, but with mortgage rates near record lows, they could receive substantial savings on their monthly payments.
Approximately $1.5 billion will go to homeowners who had their homes foreclosed upon between Jan. 1, 2008 and Dec. 31, 2011, and who meet other criteria. They will receive up to $2,000 each.
The five mortgage servicers that are parties to the settlement include Bank of America, JPMorgan Chase, Citigroup, Wells Fargo, and Ally Financial (formerly GMAC).
Voting is important. See you at the polls. Bob
Here is a response from the Calif. Assoc. of Realtors and, as real estate professionals, you should read it all; then, check out the support statement at the end:
"President Obama details plan to help responsible homeowners
In his State of the Union address, President Obama laid out a plan to help responsible borrowers and support a housing market recovery.
Key aspects of the president’s plan include:
Broad-based refinancing: The president’s plan will provide borrowers who are current on their payments with an opportunity to refinance and take advantage of historically low interest rates
Homeowner Bill of Rights: The president is putting forward a single set of standards to make sure borrowers and lenders play by the same rules, including: Access to a simple mortgage disclosure form, so borrowers understand the loans they are taking out; full disclosure of fees and penalties; guidelines to prevent conflicts of interest that end up hurting homeowners; support to keep responsible families in their homes and out of foreclosure; and protection for families against inappropriate foreclosure, including right of appeal.
First pilot sale to transition foreclosed property into rental housing: The FHFA, in conjunction with Treasury and HUD, is announcing a pilot sale of foreclosed properties to be transitioned into rental housing. C.A.R. is opposed to bulk sales of REO properties in California.
Providing a full year of forbearance for borrowers looking for work: Following the administration’s lead, major banks and the GSEs are now providing up to 12 months of forbearance to unemployed borrowers.
Pursuing a joint investigation into mortgage origination and servicing abuses: This effort marshals new resources to investigate misconduct that contributed to the financial crisis under the leadership of federal and state co-chairs.
Rehabilitating neighborhoods and reducing foreclosures: In addition to the steps outlined above, the administration is expanding eligibility for HAMP to reduce additional foreclosures, increasing incentives for modifications that help borrowers rebuild equity, and is proposing to put people back to work rehabilitating neighborhoods through Project Rebuild.
C.A.R. and NAR support the Obama Administration’s efforts to help homeowners and the struggling housing market, because restoring the health of the housing market is critical for the nation’s economic recovery."
as of 2-1-12 votes in show;....... 52% GOP
42% DEM
06% Other
If you're a republican and ANYTHING other than a wealthy white male (or an eager, young, preening & striving one)... makes NO SENSE... like a Jew joining the nazi party.
The repubs also have created a completely loony, fictional version of President Obama during the repub primaries with massive distortions and lies. But guess what repub candidate? You're going to have to debate & run against the REAL Barack Obama... and he's gonna whup yo ass!
03167038149
With the founding fathers dream the idea of a Free Country has been deluted. We are now living under a monarchy that is dividing the haves from the have nots. We The People need to take action and stop the down fall of our once great nation and tell the politicians from both parties that we have had enough. We need to stop being complacent and thinking that as a individual we cant make a change. We The People need to push our friends and families to the polls so our voice will be heard. And stop blaming the minority of the poeple that make the effort to vote. At least they are trying to make the change, and we heard BHO change speach, we need to make that Change starting now. We need to elect people that are for America and not for thier personal interrest groups.
I am surprised at the 'results' so far. (I live in a republican area). In stead of name calling and other non-signifigant reasoning, I would like to hear from some of the Obama supporters on why they are voting for him again this next fall. Is it because he's not rerpublican, or do you like the things he's done? If so, what do you like? This is a serious question, and I hope to get some intelligent responses. Many thanks all for the read.
I read all the comments, above, and they are all well-orchestrated by the RNC. Take a moment and read them all for yourself and you will see the same old talking points repeated time after time. It would be nice to read a cogent argument and not the same old worn out talking points. Unfortunately, the Republican party is adrift with no real message. I have listened to every s0-called Republican debate and all that there is is bickering and platitudes. For the record, I used to be a Republican but, never again. One indicator of people who have very little to offer regarding public policy is their use of nasty language. If you do read all the comments, note the frequency of just plain nasty words an attempts at insult. Such language does not constitute an argument. An Obama supporter.
Wanda,
I am not sure I understand your logic. It sounds like you are advocating 8 year terms. The only premise that you point to is the fact that new presidents have to deal with EGO's of the opposite party, and how hard of a job BHO has dealing with these EGOs. Really... This is a rediculous premise based on the fact that he had for the first two years a compliant congress both heavily Democratic in the House and Senate. What did BHO do these 2 years, he rammed down the throats of all Americans a health care bill we cant pay for(on yeah we still are not insuring everyone), increased the national debt by more than 6 trillion dollars, a failed jobs bill passed, everytime he needs more. Stop drinking the cool-aid people this is not the CHANGE we were looking for 3 plus years ago.
He is going to really screw things up with our industry very soon when they pass the National Rental Program. If all GSE's take 50% of there inventory out of the market what homes will we have to sell. Wanda you are right about one things are difficult. But BHO is not helping he is hindering the industry.
Regarding Latino Women, I am not one so I will not go there. But do know this, you are being swooned by a president that needs your vote in November. I am going to tell you what I have always told my 3 little sisters, "ask yourself, what does he really want, you gotta get past the pick-up line, because that is all it is." My three sisters have all been divorced because they have yet to marry a MAN of substance. They all had a great pick-up line though...
As disheartening as this poll seems the reality is BHO is not over 50%. I hope it stays this way in November.
obama is an idiot, you do NOT want four more years of his ignorance.
Latinos will influence the 2012 election ? Does that mean legal Latinos? I guess Obama is better than what they have south of the border. POVERTY, well pilgrims looks like will be in that boat if we have 4 more years of this bafoon! The first two years of his presidency he has accumulated national debt at a rate more than 27 times as fast as during the rest of our entire nations history. Solyndra is a centerpiece of the presidents green energy plan- waste, fraud, failure, and funneling money to his political supporters. YES just like Mexico!! Obamas tycoons Barney Frank and Harry Reid have destroyed the American dream of owning property. Thanks democrates your blind, and lost remember what happened in Argentina and Germany. Get educated before you vote!!
It saddens me to see that any of you would even dream(because obviously it's not based on facts that show that conditions would be any more favorable for Latinos or women) that ANY Republican candidate could do a better job than Obama. The only way to bring about change is to break the Republican/Democrat mold- as difficult as that seems. Bringing to office someone for 4 years with all the opposition that a new president gets from the egos of the opposite side- there will NOT be ANY change and women & latinos in general will only suffer more by having a new president.... Things are not that simple.....
I think Alex's comment tells it all.............We don't want to be under a dictatorship or like Europe. We are the land of the free and we the people need to stand up for our rights! Obama was voted in by a vast majority of ignorant people. Now he needs to go away. Not being a Us Citizen should have been enough to impeach him. We'd be nuts to put him back in office to do more damage. He promised Change, and we got change all right.........not what we were expecting was it! I rest my case.
I just can't beleive people still go for Obama. He hasn't done anything to better our industry. People need to see the facts and not act by emotion. Our industy will be better with any other president.
Wow amazing that so many still like Obama. It is the entitlement mentality. Take from the rich, give to the poor. Robin Hood is famous for doing that -- but read history: He stole from the TAX COLLECTOR -- the GOVERNMENT -- the Sheriff of Nottingham was a TAX COLLECTOR. Robin Hood stole from the GOVERNMENT FAT CATS like OBAMA who never held a real job in is life to give the money back to where they STOLE it from. Almost 50% of Americans pay NO TAXES. The "RICH" are supporting them! What happens when they won't pay anymore? GET OFF YOUR LAZY BUTTS and WORK.
Wow! We sure have turned into blind liberals! You people would vote again for O-bum-a?
I have friends within the Dem Party (like they work for the actual party) that refuse to vote for Obama again.
I have been a life long Republican, but now realize that both parties are for the most part, F.O.S.
I would rather vote for Ron Paul, jeez.
We need a change in the way all politicians handle our affairs. I am an american, of hispanic decent, and I love my country, but this $h!t is ridiculous! I think that most of our 'systems' , ie Justice System, Economic System, etc. as well as many of our 'policies', mostly the foreign ones, are just too flawed for what we are... a super power!
People have to grow the heck up, take responsibility, and get the job done. You can't make everyone happy, that's just it, they get into office with grandeur ideas that they're gonna change the world, then they realize that they can't do much because of all the b.s. bureaucracy that 'is' our great government. Whatever...
J
What? How come Rick Santorum isn't an option? Santorum beat Gingrich in 2 out of 3 states. Santorum also beat Paul in 2 out of 3 states. Santorum has been beating Paul in almost all National Polls.
Come on.
I cannot believe that the number of people that are voting Republican is so small and that theyre blind to the fact that the current president Obama has'nt done one single positive thing for our country or Economy, in fact he is a Socialist that is driving this country so far back that it will take our great grandchildren to pay back the debt our country has under this Dictator....He should be banned from running and should be inpeached, for what he has done......I dont want to see any ANY Obama bumber stickers....
Any of the Republican candidates would be dramatically better for the real estate industry. Obama is bankrupting our country, and has dragged out the natural economic process for the real estate cycle. Quasi governement Freddie and Fannie under the influence of liberal politicians promoted the horrific lending practices of subprime to the Hispanic community. It's time to get our country back on track, and create opportunity with a free market focus. Hispanics are proud and hardworking people, who only need opportunity. We don't need welfare or government enslavement.