Comments on: Fix Housing First Act…that is after all the bickering… http://www.mydentoncountyrealestate.com/affordable-housing/fix-housing-first-actthat-is-after-all-the-bickering/ Specializing in Highland Village, Lewisville, Flower Mound, Corinth and all of Denton County Fri, 04 Jun 2010 03:31:55 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Richard Stabile Bergen County Real Estate http://www.mydentoncountyrealestate.com/affordable-housing/fix-housing-first-actthat-is-after-all-the-bickering/#comment-79 Richard Stabile Bergen County Real Estate Wed, 11 Feb 2009 15:50:17 +0000 http://www.mydentoncountyrealestate.com/?p=148#comment-79 If the fed keeps putting money into new mortgage paper with Fannies and Freddie, the money will eventually hit the market. So far it is only hitting in the conforming mortgages. I wrote about 10 weeks ago for the fed to borrow on long term treasury’s and put the money directly into new mortgages at low rates to get the market going. I also said they should provide investor financing to get the foreclosed homes bought and rented. Investor will bring a lot of capital to the market. All buyers must qualify under normal standards. My investigation also finds the heavily hit markets are reacting to the lower prices and lower rates and volume is picking up nicely. The banks can not get the money directly, they won’t lend or at least not at the rate and quantity we need. When a purchaser gets a mortgage, buys a property, the old mortgage gets paid off to the bank. The bank receives the money and the mortgage is retired. If the bank’s reserves are too short to retire the mortgage, that is another issue for their solvency. This is in the works, and we will turn around! Richard If the fed keeps putting money into new mortgage paper with Fannies and Freddie, the money will eventually hit the market. So far it is only hitting in the conforming mortgages. I wrote about 10 weeks ago for the fed to borrow on long term treasury’s and put the money directly into new mortgages at low rates to get the market going. I also said they should provide investor financing to get the foreclosed homes bought and rented. Investor will bring a lot of capital to the market. All buyers must qualify under normal standards.
My investigation also finds the heavily hit markets are reacting to the lower prices and lower rates and volume is picking up nicely.

The banks can not get the money directly, they won’t lend or at least not at the rate and quantity we need. When a purchaser gets a mortgage, buys a property, the old mortgage gets paid off to the bank. The bank receives the money and the mortgage is retired. If the bank’s reserves are too short to retire the mortgage, that is another issue for their solvency.

This is in the works, and we will turn around!

Richard

]]>