{"id":13025,"date":"2010-08-18T04:02:46","date_gmt":"2010-08-18T11:02:46","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=13025"},"modified":"2010-08-17T21:04:56","modified_gmt":"2010-08-18T04:04:56","slug":"lucha-libre-mortgage-reform","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/13025\/lucha-libre-mortgage-reform\/","title":{"rendered":"Lucha Libre Mortgage Reform"},"content":{"rendered":"

Last week there was some discussion about what was to have happened today in Washington. This discussion centered around whether the government would or would not take certain steps to protect the housing market through a mandated deficit funded mortgage bailout<\/a>.<\/p>\n

Today, we have some new information on what Tim Geitner and a host of invited banking executives<\/em><\/a> chit chatted about.<\/p>\n

Seems that much of the talk in a few of the posts here centered on whether we could expect the Obama administration and industry executives to continue along socialistic lines, (Wall Street still knows better than Main Street), or whether lightning would strike and we’d decide to take our lumps now.<\/p>\n

The answer’s in.<\/p>\n

Obama administration invited banking executives Tuesday to offer advice on changing the government’s role in the mortgage market. Their response: stay big.<\/strong><\/p>\n

While the executives disagreed on the exact level of support needed, the group overwhelmingly advocated the government should maintain a large role propping up the nearly $11 trillion market.<\/p>\n

Bill Gross, managing director of bond giant Pimco, said the economic recovery required more government stimulus, particularly in the housing market. He suggested the administration push for the automatic refinancing of millions homes backed by mortgage giants Fannie Mae and Fannie Mac.<\/p>\n

Refinancing those homes at the lowest mortgage rates in decades would give Americans more money each month. That would boost consumer spending by $50 billion to $60 billion and lift housing prices by as much as 10 percent, he said.<\/p>\n

Without such stimulus in the next six months, Gross said, the economy will move at a “snails pace.”<\/p>\n

Treasury officials have said they have no plans to enact such a plan, which has been the subject of intense rumors on Wall Street in recent weeks.<\/em><\/p><\/blockquote>\n

So it was just a rumor after all????? But wait….there was more…<\/p>\n

Geithner did not offer a specific exit strategy for Fannie and Freddie. He agreed that the government could remain involved in the mortgage system by guaranteeing investors in mortgage-backed securities get paid, even when borrowers default.<\/em><\/p>\n

There is a “strong case to be made” for such an arrangement, Geithner said.’<\/strong><\/p><\/blockquote>\n

This is just like a professional Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Last week there was some discussion about what was to have happened today in Washington. This discussion centered around whether the government would or would not take certain steps to protect the housing market through a mandated deficit funded mortgage bailout. Today, we have some new information on what Tim Geitner and a host of […]<\/p>\n","protected":false},"author":54,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2,29,5],"tags":[],"class_list":{"0":"post-13025","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-general","7":"category-group-therapy","8":"category-real-estate","10":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":12853,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/12853\/the-line-for-food-stamps-is-over-there-this-is-the-line-for-deficit-funded-mortgage-bailouts\/","url_meta":{"origin":13025,"position":0},"title":"The line for food stamps is over there. This is the line for deficit-funded mortgage bailouts.","author":"Greg Swann","date":"August 5, 2010","format":false,"excerpt":"James Pethokoukis at Reuters:Main Street may be about to get its own gigantic bailout. Rumors are running wild from Washington to Wall Street that the Obama administration is about to order government-controlled lenders Fannie Mae and Freddie Mac to forgive a portion of the mortgage debt of millions of Americans\u2026","rel":"","context":"In "Big Mother"","block_context":{"text":"Big Mother","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/big-mother\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":14070,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/14070\/farewell-to-fannie-and-freddie-hold-your-breath\/","url_meta":{"origin":13025,"position":1},"title":"Farewell to Fannie and Freddie? Hold your breath…","author":"Greg Swann","date":"February 8, 2011","format":false,"excerpt":"The Obamanation plans to offer up three proposals to eliminate FannieMae and FreddieMac from the secondary mortgage marketplace. Expect to hear much mournful keening, in coming weeks, from the country's best enemy of private property, the National Association of Realtors. From the Wall Street Journal:More than two years after the\u2026","rel":"","context":"In "Big Mother"","block_context":{"text":"Big Mother","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/big-mother\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1042,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1042\/is-the-subprime-mortgage-market-the-next-enron\/","url_meta":{"origin":13025,"position":2},"title":"Is the Subprime Mortgage Market the next Enron?","author":"Brian Brady","date":"February 13, 2007","format":false,"excerpt":"An excerpt from one of my recent posts on The Active Rain Real Estate Network: The sub-prime mortgage market is falling apart. Wall Street firms are being stung by the bad sub-prime loans they bought and have demanded that the sub-prime lenders buy those loans back. The sub-prime lenders didn't\u2026","rel":"","context":"In "Enduring Interest"","block_context":{"text":"Enduring Interest","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/enduring-interest\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7497,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/7497\/who-needs-sit-coms\/","url_meta":{"origin":13025,"position":3},"title":"Who Needs Sit-coms?","author":"Sean Purcell","date":"March 17, 2009","format":false,"excerpt":"I've always enjoyed well written television comedy and I've wondered lately why I'm not seeing as much.\u00a0 What happened to the writers?\u00a0 Believe it or not, they all moved to DC and are writing for our Congressmen!\u00a0 Oh sure, there's a dark edge to the lines they write, but it's\u2026","rel":"","context":"In "Big Mother"","block_context":{"text":"Big Mother","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/big-mother\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4578,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4578\/the-vanderwell-proposal-project-rebuild-banking\/","url_meta":{"origin":13025,"position":4},"title":"The Vanderwell Proposal – “Project Rebuild Banking”","author":"Tom Vanderwell","date":"September 22, 2008","format":false,"excerpt":"Since Secretary Paulson put his proposal in three pages, I'm going to lay out my proposal in less space than that.\u00a0\u00a0 Here goes: Point #1 - The Treasury is hereby authorized to spend up to $700 Billion to stabilize the banking and financial services sector in such manner as it\u2026","rel":"","context":"In "General"","block_context":{"text":"General","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/general\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4537,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4537\/will-the-democrats-endorse-hank-paulsons-mortgage-bailout-plan\/","url_meta":{"origin":13025,"position":5},"title":"Will The Democrats Endorse Hank Paulson’s Mortgage Bailout Plan?","author":"Brian Brady","date":"September 19, 2008","format":false,"excerpt":"This Presidential election campaign is exciting to watch.\u00a0 Team Obama benefits from the continued free fall on Wall Street.\u00a0 Sean Purcell reminds us that folks on that side of the aisle like to say \"I'm from the government, we're here to help you\" yet the other side is the one\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/13025","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/54"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=13025"}],"version-history":[{"count":11,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/13025\/revisions"}],"predecessor-version":[{"id":13036,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/13025\/revisions\/13036"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=13025"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=13025"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=13025"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}