The Congressional Oversight Committee (COP) issued its final report on the Troubled Asset Relief Program (TARP). The report concentrates particularly on the efforts as loan mediation through HAMP and other foreclosure programs.
Since its inception, HAMP has helped only half a million homeowners. That is only 1/6 of the three to four million distressed homeowners that the program promised to keep out of foreclosure when it was being created. Despite its under-performance, Administration officials have advised President Obama that HAMP should be retained. Obama for his part [...]
A Congressional Oversight Committee report admits that the Home Affordable Modification Program will save far fewer homes than was expected when the program was put into place in 2009. Major conclusions:
Unemployment claims were down the week ending November 13 according to the Labor Department from 441,000 to 407,000. Economists indicate that in order for the jobless rate to drop below the stubborn 9.6% mark, unemployment claims will have to drop below 400,000. This is the lowest the first time unemployment claim figure has gone since July 2008. It is also the first time in two years that the people accepting unemployment benefits has fallen below the 4.2 million mark.
Moody’s ResiLandscape report issued mid-September is pessimistic about the recovery of the housing market or the economy. The probability of a double-dip recession has also been raised from one in four to one in three because of uncomfortably high unemployment and other signs of a sputtering economy.
A Pew Research Center report says that 36% of Americans believe strategic default is acceptable, or is ok under certain circumstances. The conclusion is based on a survey of 3000 people.
Despite some good news this week from the NAR about increased pending sales, most indicators in the housing market are ominous. Mike Larson, of Money and Markets points out in “Double Dip Deepens as Housing Collapses,” that new home sales plunged in July 12% to a 276,000 units, the lowest total since the Census bureau started keeping track in 1963.
JP Morgan Chase has added 8,000 loan officers and other staff to help process loan modifications more quickly with the intention of significantly reducing the number of its loans that go into foreclosure.
Despite being heavily hit by mortgage defaults the saving and loan industry is again making a profit. For the fourth consecutive quarter the industry reported profits. In the 2nd quarter of 2010 those profits were $1.49 billion. The profit balance is up from a $94 billion loss in the 2nd quarter of 2009.
The economic slow-down is showing signs of impacting home prices once again following the healthy gains in the lead up to the end of the tax credit program. The sudden decline in prices have Agents and economists alike wondering if the tax credit program and others meant to stimulate the housing market are being prematurely removed.
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