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...blueprint, the multipronged policy to shore up the housing market, announced by the President on a trip to foreclosure-riddled Phoenix, was packed with specifics. Key components include modifying the terms of delinquent loans, refinancing underwater mortgages and plowing more money into the federal housing agencies in order to keep mortgage rates...
...rate on modified loans can rise again, up to the industry average when the change is made, even if that pushes borrowers above the 38% payment-to-income ratio. The plan encourages but does not require servicers to make adjustments to principal balance - the generally acknowledged best way to keep people in their homes, especially when they owe more than their house is worth. In markets where home prices have dropped most precipitously or where investors make up a large portion of the home buyers, the plan will probably fall far short of having much of an impact...
...that may simply reflect the reality that there are a lot of people in homes who aren't going to be in them long term and that trying to keep them there is throwing good money after bad. The plan allocates money that implicitly acknowledges that: $1.5 billion to help displaced homeowners transition back to being renters and $2 billion to boost HUD's Neighborhood Stabilization Program, which lets cities and states deal with foreclosure fallout. (See pictures of the recession...
Finally, the plan bolsters the amount of money allocated to Fannie Mae and Freddie Mac in an effort to keep mortgage rates low and entice new home buyers into the market, since new buyers are what's needed to drive down the number of extra houses for sale. The two agencies, which financed or guaranteed nearly three-quarters of new home loans last year as private players retreated, will be allowed to hold more mortgages on their books and could eventually see additional infusions of cash from selling preferred stock to the Treasury Department - an authority granted in legislation last...
Tackling these problems is essential if the economy is to keep growing. Unemployment currently stands at 17% and reaches 30% among younger Basrawis. The provision of jobs and services is key to stability, says Salmon. "The only people who listened [to local complaints] were [the militias]. That's why Hizballah did well elsewhere. They promise to tend to the needs of the people...