DISREGARD... should have looked at date myself, ooops

[nadinbrzezinski]

July 29th, 2008 Contact: Marvin Fast
[phone]

TODAY: DODD CONVENES HOPE FOR HOMEOWNERS BOARD

WASHINGTON, DC – Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today will convene a meeting with members of the Oversight Board of HOPE for Homeowners to ensure the timely implementation and operation of the program. HOPE for Homeowners, an initiative established by the Housing and Economic Recovery Act which passed the Senate on Saturday and which the President has said he will sign into law, is expected to help prevent foreclosure for hundreds of thousands of Americans who are struggling to keep their homes. Dodd will hold a media availability immediately after the closed-door meeting.

WHO: Chairman Chris Dodd

Federal Reserve Board Chairman Ben Bernanke

Treasury Secretary Henry Paulson

FDIC Chairman Sheila Bair

HUD Secretary Steven Preston (Invited)



WHEN: TODAY, Tuesday, July 29th

5:00 P.M. – SPRAY OF ROOM (for still and video cameras only – no audio)

6:00 P.M. – AVAILABILITY (for all credentialed press)



WHERE: 448 Russell Senate Office Building



-30-

[az chela]

1. Isnt it a little late for this after so many have already lost their

HOMES???

[nadinbrzezinski]

2. This is part of the plan to stabilize this

this is FDR buying homes all over again

[MadHound]

7. Buying homes with what money?

After we give Wall St. a check for a trillion dollars, where are we going to get the money to buy up homes? With this bailout, our bond rating is going to tank, and we'll be lucky if the government has enough money to keep the lights on in the White House, much less buy homes.

We're being stampeded over a cliff, once again. Don't fall for it.

[nadinbrzezinski]

10. Not all the money is going to Wall Street

devil is in details, the legislation as of last night had moneys assigned to this, as well as a legal framework

[MadHound]

20. We're still taking on 700 plus billion in debt

I would suspect in 3-6 months the rating on US Treasury Bonds is going to tank, and then all holy hell is going to break loose. Again, we'll be lucky if the government will have enough money to keep the lights on in the White House.

When people won't buy your debt(treasury bonds), you, your government, your economy, your country is screwed. We would be better off without this bailout, even if it meant that we would suffer another Great Depression.

But sadly, once again, Congressional Dems are being stampeded off the cliff, and we're once again going along for the ride. Buckle up for this one, the landing is going to be ugly and many of us won't survive.

[nadinbrzezinski]

11. Not all the money is going to Wall Street

devil is in details, the legislation as of last night had moneys assigned to this, as well as a legal framework

[Heather MC]

16. don't forget the two wars we are spending money on, with no end for political reasons

[gopbuster]

3. Good news ...this was in the draft. Did they do it seperately?

[denem]

4. July 29th, 2008 !!?

[nadinbrzezinski]

6. Just noticed, me assuming it was tonight's from the top of releases

will go to Reid's next

The news is breaking RIGHT NOW on CNN

[nolabels]

5. WHEN: TODAY, Tuesday, July 29th

:wtf:

[gopbuster]

8. SEC. 108. FORECLOSURE MITIGATION EFFORTS.

Its in the Draft though



http://banking.senate.gov/public/_files/LegislativeText...


SEC. 108. FORECLOSURE MITIGATION EFFORTS.
16 (a) RESIDENTIAL MORTGAGE LOAN SERVICING
17 STANDARDS.—To the extent the Secretary acquires mort18
gages, mortgage backed securities, and other assets se19
cured by residential real estate, including multifamily
20 housing, the Secretary shall maximize assistance for
21 homeowners and use the Secretary’s authority as investor
22 to encourage the servicers of the underlying mortgages,
23 consistent with a reasonable return to the taxpayer, to
24 take advantage of the HOPE for Homeowners Program
25 under section 257 of the National Housing Act or other
23
O:\AYO\AYO08B68.xml
1 available programs to minimize foreclosures. In addition,
2 the Secretary may use loan guarantees and credit en3
hancements to facilitate loan modifications to prevent
4 avoidable foreclosures.
5 (b) COORDINATION.—The Secretary shall coordinate
6 with the Federal Deposit Insurance Corporation, the
7 Board, the Federal Housing Finance Agency, the Sec8
retary of Housing and Urban Development, and other
9 Federal Government entities that hold troubled assets to
10 attempt to identify opportunities for the acquisition of
11 classes of troubled assets that will improve the Secretary’s
12 ability to improve the loan modification and restructuring
13 process and, where permissible, to permit bona fide ten14
ants who are current on their rent to remain in their
15 homes under the terms of the lease.
16 (c) SYSTEMATIC APPROACH.—In carrying out this
17 section, the Secretary shall utilize a systematic approach
18 for preventing foreclosures and ensuring long-term, sus19
tainable homeownership through loan modifications and
20 the use of the HOPE for Homeowners Program estab21
lished under section 257 of the National Housing Act and
22 any other programs that may be available for such pur23
poses. In the case of a mortgage on a residential rental
24 property, the systematic approach required under this sub25
section shall include protecting Federal, State, and local
24
O:\AYO\AYO08B68.xml
1 rental subsidies and protections, and ensuring any modi2
fication takes into account the need for operating funds
3 to maintain decent and safe conditions at the property.
4 (d) CONSENT TO REASONABLE LOAN MODIFICATION
5 REQUESTS.—For residential mortgages underlying trou6
bled assets purchased under this Act, the Secretary shall
7 request loan servicers servicing the mortgage loans to
8 avoid preventable foreclosures, to the greatest extent pos9
sible, to the extent that the Secretary, as an investor, has
10 discretion to do so under existing investment contracts.
11 Upon any request arising under existing investment con12
tracts, the Secretary shall consent, where appropriate, to
13 reasonable requests for loss mitigation measures, includ14
ing term extensions, rate reductions, principal write
15 downs, increases in the proportion of loans within a trust
16 or other structure allowed to be modified, or removal of
17 other limitation on modifications.
18 SEC. 109. ASSISTANCE TO HOMEOWNERS AND LOCALITIES.
19 (a) DEFINITIONS.—As used in this section—
20 (1) the term ‘‘Federal property manager’’
21 means—
22 (A) the Federal Housing Finance Agency,
23 in its capacity as conservator of the Federal
24 National Mortgage Association and the Federal
25 Home Loan Mortgage Corporation;
25
O:\AYO\AYO08B68.xml
1 (B) the Corporation, in its capacity as con2
servator or receiver of an insured depository in3
stitution; and
4 (C) the Board, with respect to any mort5
gage or mortgage-backed securities or pool of
6 securities held, owned, or controlled by or on
7 behalf of a Federal reserve bank;
8 (2) the term ‘‘consumer’’ has the same meaning
9 as in section 103 of the Truth in Lending Act (15
10 U.S.C. 1602);
11 (3) the term ‘‘insured depository institution’’
12 has the same meaning as in section 3 of the Federal
13 Deposit Insurance Act (12 U.S.C. 1813); and
14 (4) the term ‘‘servicer’’ has the same meaning
15 as in section 6(i)(2) of the Real Estate Settlement
16 Procedures Act of 1974 (12 U.S.C. 2605(i)(2)).
17 (b) SYSTEMATIC HOMEOWNER ASSISTANCE BY
18 AGENCIES.—
19 (1) IN GENERAL.—Each Federal property man20
ager shall, with respect to any residential mortgage
21 loans and any mortgage-backed securities that it
22 holds, owns, or controls on or after the date of en23
actment of this Act, develop a program that is de24
signed to provide a systematic approach for pre25
venting foreclosure on the properties securing such
26
O:\AYO\AYO08B68.xml
1 loans and securities, and ensuring long-term, sus2
tainable homeownership through loan modifications
3 and use of the HOPE for Homeowners Program es4
tablished under section 257 of the National Housing
5 Act and any other programs that may be available
6 for such purposes.
7 (2) MODIFICATIONS.—In the case of a residen8
tial mortgage loan, modifications made under para9
graph (1) may include—
10 (A) reduction in interest rates;
11 (B) reduction of loan principal; and
12 (C) other similar modifications.
13 (3) TENANT PROTECTIONS.—In the case of
14 mortgages on residential rental properties, modifica15
tions made under paragraph (1) shall ensure—
16 (A) the continuation of any existing Fed17
eral, State, and local rental subsidies and pro18
tections; and
19 (B) that modifications take into account
20 the need for operating funds to maintain decent
21 and safe conditions at the property.
22 (4) TIMING.—Each Federal property manager
23 shall develop and begin implementation of the pro24
gram required by this subsection not later than 60
25 days after the date of enactment of this Act.
27
O:\AYO\AYO08B68.xml
1 (5) REPORTS TO CONGRESS.—Each Federal
2 property manager shall, 60 days after the date of
3 enactment of this Act and every 30 days thereafter,
4 report to Congress specific information on the num5
ber and types of loan modifications made and the
6 number of actual foreclosures occurring during the
7 reporting period in accordance with this section.
8 (6) CONSULTATION.—In developing the pro9
gram required by this subsection, the Federal prop10
erty managers shall consult with one another and, to
11 the extent possible, utilize consistent approaches to
12 implement the requirements of this subsection.
13 ø(c) AVAILABILITY OF FORECLOSED PROPERTIES TO
14 STATES AND LOCALITIES.—¿
15 ø(1) IN GENERAL.—Each Federal property
16 manager shall make available to any State or local
17 government that is receiving emergency assistance
18 under section 2301 of the Foreclosure Prevention
19 Act of 2008 (Public Law 110-289) for purchase, at
20 a discount, residential properties that it owns
21 through foreclosure in that State or locality, in order
22 to facilitate the sale of such properties and to sta23
bilize neighborhoods affected by foreclosures.¿
24 ø(2) INFORMATION CLEARINGHOUSE.—
28
O:\AYO\AYO08B68.xml
1 ø(A) PROVISION OF INFORMATION TO THE
2 SECRETARY.—Each Federal property manager
3 shall make available to the Secretary of Hous4
ing and Urban Development information on
5 properties available for purchase under this
6 subsection.¿
7 ø(B) CLEARINGHOUSE.—The Secretary of
8 Housing and Urban Development and the Fed9
eral property managers shall develop a clearing10
house for the information compiled under this
11 paragraph, and make such clearinghouse easily
12 accessible by States and local governments de13
scribed in paragraph (1).¿
14 (d) ACTIONS WITH RESPECT TO SERVICERS.—In any
15 case in which a Federal property manager is not the owner
16 of a residential mortgage loan, but holds an interest in
17 obligations or pools of obligations secured by residential
18 mortgage loans, the Federal property manager shall—
19 (1) encourage implementation by the loan
20 servicers of loan modifications developed under sub21
section (b);
22 (2) encourage the loan servicers to make fore23
closed properties available for sale to State and local
24 governments at a discount, as described in sub25
section (c); and
29
O:\AYO\AYO08B68.xml
1 (3) assist in facilitating any such modifications
2 or sales, to the extent possible.
3 (e) LIMITATION.—The requirements of this section
4 shall not supersede any other duty or requirement imposed
5 on the Federal property managers under otherwise appli6
cable law.

[nadinbrzezinski]

9. I know it is in the draft, but rumor has it that the radical right

roy blunt... were pressuring not to have it

[gopbuster]

13. Drown em' in the bathtub! n/t

[nadinbrzezinski]

15. If the plan works and goes with that language KEYNES LIVES

[zeek 463]

12. this is what happen's when a bank will give a lone to anyone with a hart beat

it didn't matter if you made enough to pay back the loan...you can't buy a $400.000 house flipping burger's at burger king fact.

[nadinbrzezinski]

14. No, this is what happens when markets are deregulated to allow for that

loan to happen...

It is the DEREGULATION that started with Reagan and ended with the repeal of Glass Steegal... thank Gramn for this

[Bluebear]

17. I don't know how many burger 'flipper's' got 400K homes. Banks acted like 'lone' sharks though!

[jberryhill]

22. I hear they preyed on the illiterate...

...ahem.

[zeek 463]

21. when I was a kid it took a bank some time's a week to let you know your loan was

approved......now if you want a credit card all you have to do is lie on the form they don't check. and a cretit card is a sucker play as long as you have that card sooner or later your going to pull it out and use it...thats a loan shark that fit's in your pocket.

[Hidden Stillness]

18. Is This Any Different From the Earlier Unhelpful "Plan"?

There are millions of foreclosures, and millions more as mortgages, interest rates, etc., keep re-setting, but this "is expected to help prevent foreclosure for hundreds of thousands of Americans." I take it then, that this will be no better than the Paulson back-of-the-hand from earlier this year, which also helped almost no one. I had a very high opinion of Dodd, but honestly the behavior of most of them, in Congress, has been outrageous; they really don't consider the sinking middle class to be as important as them and their stocks.

I can't remember now what the specifics were, (to the Hope for Whatever "plan"), but there was some set of qualifications the homeowners had to meet, that made it worthless for most people about to be foreclosed-on, which was why there were further hearings at the time. I don't know if this latest thing introduces anything different or actually deals with situations as they are. Next, they can start working on usurious credit card interest rates, fees, penalties, etc. Right.

[nadinbrzezinski]

19. If the language is still in the working legislation

this is a 101 page plan, as of the 25th

What Paulson gave was 3 pages... read this again, three pages

This has supervision, housing help and a way to get funds back, as well as CEO pay caps.

Now if and when they release the next working paper... I will go through it.. AGAIN