OK – Congress didn’t pass the bailout bill and the market tanked 777 points. Now what? Listening to all the talking heads on Bloomberg and MSNBC this morning before the market opened, it seemed to be all about who was to blame for the failure. But then, when the market opened, it jumped over 200 points! As I write this at 9 a.m., it’s up 298 points. Read the rest of this article »

Politicians have been posturing that the bailout should help “Main Street” vice “Wall Street” and should help “homeowners” – whatever that means.  The governor of New York, David Paterson, wrote an op/ed piece in Saturday’s Wall Street Journal with that headline. Read the rest of this article »

Section 109 – Foreclosure Mitigation Efforts – states in part (a) that “the Secretary (Paulson) shall implement a plan that seeks to maximize assistance for homeowners…to minimize foreclosures.” Read the rest of this article »

Section 110 – Assistance to Homeowners encourages homeowners to take advantage of the Hope Alliance’s “Hope Now” program. It would appear that great political pressure will be brought to bear on those lenders to now modify the terms of mortgages “underwater” or in serious trouble. Read the rest of this article »

Section 124 – Hope for Homeowners Amendments appears to be administrative cleaning up of existing law in the National Housing Act.