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The Spectacle Blog
At the Atlantic, David Indiviglio argues that the plan Obama announced today for increasing the number of homeowners who refinance their mortgages could work better than the administration’s previous efforts.
Even if the plan works, however, the taxpayers will suffer greater losses on Fannie Mae and Freddie Mac.
In RealClearMarkets, Peter Morici writes that there’s a worst-case scenario that the administration isn’t talking about. By encouraging looser underwriting standards for government programs intended to increase mortgage refinances, the plan will generate all kinds of credit risk: “What the president is about to do won’t create another housing bubble-too many foreclosures are about to hit the market-but it is politically inspired and an economically irresponsible act that could easily result in many more foreclosures and another credit collapse down the road.”
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More Blog Posts by Joseph Lawler
http://spectator.org/blog/2011/10/24/more-on-obamas-refinancing-pla
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Lonespectator| 10.24.11 @ 4:33PM
The problem with the mortgage refi program is they are only interested in helping Fanny Mae and Freedie Mac homeowners. They don't address the vast number of other homes that are also underwater , are over jumbo guidelines, and held by honest homeowners who struggle to pay their bills on time. There is no incentive from the government to give these homeowners a refi at a lower rate. Such a program would help millions more homeowners and stimulate the economy
AIA Home Loan | 11.16.11 @ 12:24PM
Yes, at least this is one of the remedy which might have greater outcome than the losses. This is helping the people to reduce financial burden.
Kingofthenet| 10.24.11 @ 8:17PM
Why not FORCE 'Too Big to fail' Banks to you know COMPETE for traditional banking income streams, like mortgages, instead of nickle and dimeing people on things like Debt Cards. Why the Banks are allowed to sit on these HUGE Federal Govt. assisted reserves is crazy, why aren't they interested in this revenue stream?
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Cam O. Milety| 10.24.11 @ 10:31PM
They do compete for mortgage business you moron. They have the choice of not going for business they don't want. If someone's house is worth less than what they need to borrow then if they lose their job or have a medical emergency and can't make the payments the bank can't recover the money by selling the house. Therefore the interest rate would have to be high enough to make the risk worthwhile before a private bank would have an incentive to go after the loan.
Romney was dumb to say it but he was right when he said that the foreclosure process should be allowed to go forward without hindrance. It's the only way to deflate the bubble and get things back on track.
JimH| 10.25.11 @ 9:54AM
This may have been suggested elsewhere but I haven’t seen it. One possible solution might be for banks to rewrite their current underwater mortgages to the present appraised value with the provision that any gain on a subsequent sale be split between the bank and the seller. This gives the mortgagee an incentive to keep up the payments and by avoiding foreclosure keeps the bank out of the real estate business. It does involve taxpayers in the case of Fannie or Freddy backed mortgages. But it does not increase the risk already present.
superbeagle1900| 10.26.11 @ 2:06AM
Let's see, the largest contributers to Obama's campaign(ie the financial companies) are getting another bailout. Wow, big surpris! Hey anyone out there who is actively buying or shorting Fannie or Freddie pleas speak up with your opinions. Did you also have the wisdom to short netflix I wonder. How do you have the guts to short a literal penny stock? And who the hell owns these crap stocks?