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#389250 - 09/13/11 03:56 PM
Project Rebuild?? I'm confused.
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Veteran Member
Registered: 08/24/08
Posts: 1008
Loc: Middle of Ohio
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So here is the link: http://blog.hud.gov/2011/09/08/putting-americans-work/But I don't understand. When is the money used - and by who? Are they talking about rehabbing foreclosures owned by banks? I don't get it - I hope you guys can help me understand this.
Edited by OverTheEdge (09/13/11 04:02 PM)
_________________________
"No cause is lost as long as there is one fool left to pursue it". Wil Turner
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#389306 - 09/14/11 09:21 AM
Re: Project Rebuild?? I'm confused.
[Re: Cool guy]
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Member
Registered: 06/27/10
Posts: 377
Loc: Land of Tree Huggers
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I love the part about refinancng under water mortgage for people with or without good credit. Read deeper...Freddie and Fannie only. Well, BFD!!! Those loans are already at great rates. How about we do some refinance on OCEWN, Litton, Carrington??? If I got a rate at 1% above going rates I would have an extra $700 per month, with which I would thoroughly stimulate the economy both from a retail and an investment angle. But no.....let's refinance a Fannie loan so that somebody can save $100 per month. Again..BFD!!!!
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#389495 - 09/15/11 08:52 PM
Re: Project Rebuild?? I'm confused.
[Re: Cool guy]
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Member
Registered: 09/16/05
Posts: 431
Loc: Ohio
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OMFG Obama please go already. Any more, all I can say is "ugh." But I agree.
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#390380 - 09/26/11 10:41 PM
Re: Project Rebuild?? I'm confused.
[Re: OverTheEdge]
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Major Contributor
Registered: 11/06/07
Posts: 1602
Loc: Nevada
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before you get too critical of the White House occupants, understand that the federal government usually does not get directly involved with individual consumers.
I don't agree with that method as it concerns the real estate/mortgage industry, but it's just the way the government operates. It deals with large numbers and the large players who drive the economy in their respective industries. If that offends you as an individual, ally yourself with national associations and political causes.
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#390382 - 09/26/11 10:51 PM
Re: Project Rebuild?? I'm confused.
[Re: OverTheEdge]
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Major Contributor
Registered: 11/06/07
Posts: 1602
Loc: Nevada
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"Project Rebuild is fundamentally an investment not just in hard hit places but also in the families who have watched their home values plummet on average by $5,000-to-$10,000 simply because they live on a block with a foreclosure sign. Its inclusion in the American Jobs Act reflects President Obama’s belief that rebuilding neighborhoods is essential to rebuilding our economy."
$10k value loss is trivial. what about the families who have suffered value losses in the tens and hundreds of thousands? this plan may create some more lower income labor jobs for a while...meanwhile our production facilities are still located overseas. bring the production jobs back to the US, and we'll see an economic recovery.
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#390462 - 09/27/11 09:42 PM
Re: Project Rebuild?? I'm confused.
[Re: OverTheEdge]
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Member
Registered: 12/15/05
Posts: 125
Loc: USA
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IMHO, political discussion doesn't seem to be appropriate in the REO/BPO forum.
Should this be in 'shooting the breeze'?
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#390472 - 09/28/11 05:29 AM
Re: Project Rebuild?? I'm confused.
[Re: OverTheEdge]
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Veteran Member
Registered: 08/24/08
Posts: 1008
Loc: Middle of Ohio
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I started this topic not as a political topic - but lets look at that. Since Fannie and Freddie are being supported by the gov't asking for more money almost daily, that effects our paychecks as reo agents. Fannie Mae bought 7 Billion dollars worth of mortgages from BOA for 500 million. Then we find out that BOA is struggling in a very ugly way. Since Fannie is basicly the gov't, you just bailed out BOA again with your tax money.
The state attorney generals in all states are challenging foreclosures, with the reactions of the banks being no more foreclosures, that effects our paychecks as reo agents. My listings are way down, as are the rest of the listings for agents here, due to all of the political/legal actions of the federal and state gov't. Lets even throw in there my city's new regualtions as to vacant properties, secure permits, and renovation permits if you even move an electrical outlet. Now here comes Project Rebuild - my question is - what the heck will this do to our paychecks? Where does it fit in and does it effect us in any way?
We are in an industry that is the focus of every politician that wants attention. We as reo/bpo agents are knee deep in the "housing crisis" and we need to pay attention to the political side of it. Not that we can change it, but I would like to know who is saying what. Every time a canidate or elected offical opens their mouth, and has some fabulous solution to the housing crisis, I am one step closer to saying "welcome to Walmart" to pay my bills.
Political discussion - you betcha. The second the gov't stepped in a bailed out the banks - we found ourselves in an industry that was politically influenced and getting really close to politically run. When I read all the posts on this board as to where are the orders, where are the listings, my response is - call your congressman.
Please note - this is not a comment on any political party or individual, it is overall distain for anything political. They're all nuts.
_________________________
"No cause is lost as long as there is one fool left to pursue it". Wil Turner
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#390540 - 09/28/11 08:28 PM
Re: Project Rebuild?? I'm confused.
[Re: OverTheEdge]
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Major Contributor
Registered: 11/06/07
Posts: 1602
Loc: Nevada
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and without government regulation, the business environment would be more brutal and destructive than it has been. deregulation allowed this mess to happen. pure capitalism is not real...never has been. it would last about one week before the economy felt its disastrous effects. it's human nature...what we have now is never enough.
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#390554 - 09/29/11 06:42 AM
Re: Project Rebuild?? I'm confused.
[Re: OverTheEdge]
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Member
Registered: 07/11/11
Posts: 198
Loc: Phoenix
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I started this topic not as a political topic - but lets look at that. Since Fannie and Freddie are being supported by the gov't asking for more money almost daily, that effects our paychecks as reo agents. Fannie Mae bought 7 Billion dollars worth of mortgages from BOA for 500 million. Then we find out that BOA is struggling in a very ugly way. Since Fannie is basicly the gov't, you just bailed out BOA again with your tax money.
The state attorney generals in all states are challenging foreclosures, with the reactions of the banks being no more foreclosures, that effects our paychecks as reo agents. My listings are way down, as are the rest of the listings for agents here, due to all of the political/legal actions of the federal and state gov't. Lets even throw in there my city's new regualtions as to vacant properties, secure permits, and renovation permits if you even move an electrical outlet. Now here comes Project Rebuild - my question is - what the heck will this do to our paychecks? Where does it fit in and does it effect us in any way?
We are in an industry that is the focus of every politician that wants attention. We as reo/bpo agents are knee deep in the "housing crisis" and we need to pay attention to the political side of it. Not that we can change it, but I would like to know who is saying what. Every time a canidate or elected offical opens their mouth, and has some fabulous solution to the housing crisis, I am one step closer to saying "welcome to Walmart" to pay my bills.
Political discussion - you betcha. The second the gov't stepped in a bailed out the banks - we found ourselves in an industry that was politically influenced and getting really close to politically run. When I read all the posts on this board as to where are the orders, where are the listings, my response is - call your congressman.
Please note - this is not a comment on any political party or individual, it is overall distain for anything political. They're all nuts.
Very well said OverTheEdge.Even though shana believes that the federal government does not enter into our ever day lives personally they do it by the way of the agency's they create. Agency's are created and what follows are rules and regulations that are made by those agency's.And who do the employees of those agency's work for? They work for the politicians they created the agency.If you work for someone who do you listen too? The person that gave you the job.If you watch any of the business programs on TV you will hear the vast majority of CEO's say that regulations are keeping them from growing and adding jobs.Moderation in all things.
_________________________
“There are no secrets to success: don’t waste time looking for them. Success is the result of perfection, hard work, learning from failure, loyalty to those for whom you work, and persistence.” Colin Powell
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#390565 - 09/29/11 10:49 AM
Re: Project Rebuild?? I'm confused.
[Re: OverTheEdge]
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Major Contributor
Registered: 11/06/07
Posts: 1602
Loc: Nevada
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no, I said the fed gov't. usually doesn't get involved with individuals DIRECTLY.
"Agency's are created and what follows are rules and regulations that are made by those agency's.And who do the employees of those agency's work for? They work for the politicians they created the agency."
not true. shouldn't adults be clear on this? rules (laws) are created by state legislatures and the Congress, and to some extent by the Courts (Judicial branch), via judicial interpretation. government agency employees (the Executive branch) work for their agencies, in the Executive branch. Politicians are in the Legislative branch. regulations are established by government agencies, in accordance with existing laws. the agency doesn't come first. here's a diagram:
statute ==> agency ==> regulation
Edited by shana (09/29/11 11:09 AM)
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