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the bail out money need to go to directly to the public for mortgage loans and if the private bank will not lend out the money then the government should allocated funds for those people that want to be homeowners and could qualify under a full underwriting review regardless of a recent foreclosure or bankruptcy and that will stimulate the economy people will spend money

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Thanks for your efforts.

I despise the "bailout"/theft by the Wall Street folks including bankers, insurance companies, mortgage lenders, etc.

However, in your article, you mention the "billions" given/lent.

It's much, much worse than that! It is about $7.3 TRILLION according to a CNBC breakdown:

Also, it represents about 486 times as much as what the car company OWNERS (not workers) were begging for.

Please help "get the word out" about all of this!

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The rate cuts are not helping. Since 9 previous cuts have not fixed anything we have no reason to believe a tenth cut will do the trick. The government needs to step in and offer fixed 30 or 40 year mortgage loans to all the people that are in foreclosure or about to be to stop the further decline of the housing market. They should be nontransferable to encourage people to keep what they have and be at a rate of 3 to 5 percent depending on income. I know that would make it harder for people to sell their homes but it may also help stabilize our country. Another thing that will help stimulate the economy is to offer a decent rate of return on savings in the form of certificates of deposit of say 5 percent for a 5 year CD and 7 percent for a 10 year CD. That would serve two purposes one to boost savings retirement accounts and if the person is already retired they could use the extra income monthly to put money back into the economy. Keep the FDIC insurance set at $250,000.00 per account. I think most people would not mind having their money tied up as long as they are receiving a decent rate of return. The Auto industry should put their R&D money together and develop one energy efficient engine that could be used in all their cars and let the free market decide what body styles and interiors will sell the best for them as individual companies. If they set a goal of 60 to 80 miles per gallon and use that engine for the next 10 years until they have time to develop one that is even better we may get things back on track. In the meantime continue to develop wind and solar energy. My wife and I live within our means and with the pension I receive every month and the interest my CD’s earn we get by. My dividends have all but dried up because the stock market is doing so poorly. I was lucky in the respect that I sold 90 percent of my stocks and mutual funds when I retired three years ago and put that money to work in CD’s.

The bank that hold our VISA card called last week to inform us they had TARP funds and offered to set us up with a loan. My husband replied that the TARP were provided by taxes which we paid, we'd just prefer a check, not a loan of our own money. This was met with disbelief from the bank rep. This is the mother of all schemes, take money from taxpayers then loan it to them with interest.

On the other hand I applaud the bank for pro-actively seeking out customers with good credit to dump the money before congress makes them give it to customers with poor credit histories.

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My nephew just made an offer on a 2B/1ba house in Marine City. List price? $19,900. I sincerely hope he's not getting a 30 year mortgage.

Usury is disproportionate to those most in need of financial help. I’m thinking of “payday” loans which charge outrageous APRs (1000%+).

It's true that things like payday loans have a high annual interest rate. But since the typical time frame of the loan is not years but days, I don't think evaluating the loan in terms of its annual interest rate makes much sense. A large proportion of the costs of making loans is fixed, and, as such, the interest rates on short term loans are going to be considerably higher than those on longer term loans.

[...] Flatenning yield curve has the effect of reducing medium to long-term borrowing costs for business and households… E.g. – The 5-year fixed mortgage rate is priced relative to the 5-year Government of Canada bond yields which are currently at 2.4%… Usually the spread is about 120-150bps… which would mean the 5-year fixed mortgage rate should be about 2.4+1.5 = 3.9%… the best posted rate is about 4.25% … so if you are negotiating a mortgage be sure to use this and other research from here & here [...]

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> they are seen as higher risk.

They are seen as a higher risk? By who? Not by the council of mortgage lenders who have 10 years' worth of data. Not by the vast majority of landlords I know who would fight tooth and nail to make payments.

BTL properties are typically bought by people who want to take financial responsibility for their lives. I'd rather lend to those people than the ones who've been told to "get your feet on the ladder."

OK – there's a tax break, but it's a tax break to encourage people to become landlords and provide housing – not a tax break to encourage mortgage lenders to hoover up the excess cash.

I think that the cynic in you is very similar to the cynic in me, though

Note: John Gotelee is the IFA I have used for my last three mortgages. I don't see HIM as part of the problem – quite the opposite!

In the newly-released 2008 audit report, we can now see the details of the "interest rate swap obligation." The definition of the obligation appears on page 11, note 6.

"In order to hedge against the effect of the floating interest rate on its long-term debt, on February 19, 2008, the Association entered into an interest-rate swap agreement, whereby, the Association had in effect 'swapped' its floating rate in favor of a fixed rate of 3.58%. the notional amount is $7,870,000. the agreement expires on December 1, 2037. At December 31, 2008, the fair value of the interest rate swap obligation is $1,891,706. For year ended December 31, 2008, the loss on the interest rate swap was $1,891,706."

So this was a hedging strategy, not a speculative strategy, as a commenter on CT suggested. You can see in the 2009 audit report that this swap turned from a loss to a gain. As of the end of year 2009, the interest rate swap became a gain of $1,194,467.

Good to know.

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Rule 10b-5: Manipulative and Deceptive Practices

*THE POOLING & SERVICING AGREEMENT in a SECURITIZED LOAN typically states the following:

Violation of consumer protection laws may result in losses on the mortgage loans and the offered certificates.

Applicable state laws generally regulate interest rates and other charges, require certain disclosure, and require licensing of the originators. In addition, other state laws, public policy and general principles of equity relating to the protection of consumers, unfair and deceptive practices and debt collection practices may apply to the origination, servicing and collection of the mortgage loans.

The mortgage loans are also subject to federal laws, including the Federal Truth-in-Lending Act and Regulation Z promulgated thereunder, which require certain disclosures to the mortgagors regarding the terms of the mortgage loans.

Violations of certain provisions of these federal and state laws may limit the ability of the servicer to collect all or part of the principal of or interest on the mortgage loans and in addition could subject the trust to damages and administrative enforcement. In particular, the failure of the originators to comply with certain requirements of the Federal Truth-in-Lending Act, as implemented by Regulation Z, could subject the trust to monetary penalties, and result in the mortgagors’ rescinding the mortgage loans against the trust.

Loan Origination | Closing Costs Clarified –

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what is soon to be severe debt deflation.

Hence, no interest rate rises.

Flat for another few months, then down quickly to "stimulate the economy".

My 2c]]>