Posts tagged as:

housing bill

Congress takes up foreclosure relief plans

by Moe Bedard

Now, as Congress prepares to authorize the second $350 billion in spending for the program, Democratic leaders are pressing for changes that would expand beyond the banking industry, which has been the primary beneficiary of the program.

Read the full article →

Systematic Foreclosure Prevention and Mortgage Modification Act

by Moe Bedard

Rep. Maxine Waters, chairwoman of the Subcommittee on Housing and Community Opportunity and most senior member of the Financial Services Committee from the state of California, has introduced the Systematic Foreclosure Prevention and Mortgage Modification Act of 2008 (H.R. 7326).

The legislation is designed to dramatically reduce the number of foreclosures by establishing a systematic approach [...]

Read the full article →

Frank calls for restructuring of the mortgage servicing industry if servicers fail to cooperate

by Moe Bedard

Finally! It looks like one of the peoples representatives, Barney Frank, has got hip to the fact that servicers have been giving a lot of lip service lately to everyone. From the homeowners reaching for help and to our government who has been asking them nicely to cooperate.

Thus far, servicers have been playing by [...]

2 comments Read the full article →

Fannie, Freddie: Taxpayers on the hook

by Moe Bedard

A number of senators on the banking committee – from both parties – characterized Paulson’s request as asking lawmakers for a “a blank check,” and they were none too keen on the idea, knowing they have to answer to taxpayers.

How lawmakers might alter the Treasury’s proposals isn’t clear yet. But if the government uses federal [...]

0 comments Read the full article →

White House Says Bush Will Veto Senate Housing Bill

by Moe Bedard

It looks like our president is more worried about saving his boys on Wall Street, like the $35 million dollar bail out of Bear Stearns , then helping millions of suffering homeowners who are losing their homes.
AP:
The White House says President Bush would veto a foreclosure rescue the Senate began debating Thursday.
Administration officials object to [...]

1 comment Read the full article →