SONS and DAUGHTERS of BBCMF THE RUSH TO INVEST in LAND and REAL ESTATE. (L.A.R.E.)

[02opida]

WASHINGTON – Buying a home is about to get cheaper for a whole new crop of homebuyers — $6,500 cheaper.

First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the Senate voted Wednesday to extend and expand the tax credit to include many buyers who already own homes. The House could vote on the bill as early as Thursday.

Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn't owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30

[02opida]

Sales of existing homes rose a seasonally adjusted 3.8% in the second quarter, compared with the first quarter, the National Association of Realtors reported earlier this week. But sales volume was still 2.9% lower than the second quarter of 2008.

"With low interest rates, lower home prices and a first-time buyer tax credit, we've been seeing healthy increases in home sales, which are a hopeful sign for the economy,

[02opida]

rates that seem to be most common now are ~

4.5 < 4.875

a few at 3.875 > 4.1 >

[02opida]

Morgages Rates are still going DOWN

[02opida]

mortgage Rates all time LOW & may even go LOWER ~

[02opida]

Rates lower than the 60's

[02opida]

(CBS) At a series of auctions in California this week, nearly 1,200 foreclosed homes are going at fire sale prices, reports CBS News Business Correspondent Anthony Mason.

Home prices are still in freefall. And mortgage rates are near record lows. But even after the banks have been given more than half-a-trillion dollars in bailout funds, the Fed said Wednesday that credit conditions "remain extremely tight."

How low do mortgage rates have to go before the market has real stimulus?

"I'm looking for the buy-one, get-one-free deal," says Rick Sharga of RealtyTrac, a company that monitors the real estate industry.

Sharga says buyers are still afraid.

"And I think the banks have the same issue with lending," he says, "They're making it difficult for people to get loans unless they're Donald Trump."

"Everybody tells me how low interest rates are," says billionaire Donald Trump. "And then I say where do you get the money? And then they say there is no money available."

Trump, who has properties in 10 states, says even billionaires are having a hard time.

"Literally, if you have a building making $10 million a year, and you have a $2 million mortgage on that building, and it comes up for refinancing, you can't refinance it," Trump says. "The banks are not in business."

Atlanta's Fidelity Bank had cut back on loans.

"We were having to hold tight on lending because we did not want to run out of capital," says Jim Miller, chairman of Fidelity Southern.

But after getting $48 million in TARP money, Miller says they're lending again, just more carefully.

"You look twice to lend where you would only look once before," Miller says. "But we're obliged to lend. We're a bank."

But some banks are hoarding cash to protect themselves from mounting losses, Mason reports. That's what's behind renewed talk of the government buying up the banks' bad debts, so they can begin lending again.

[02opida]

(CBS) Heather Townsend and Marlene Mazzi sound like mother and daughter when they talk about what's for dinner on any given evening. But they met just three months ago when Heather started renting a room in Marlene's house.

Is she surprised by how much things have changed?

"Oh, yeah," Marlene said.

Her husband can't find carpentry work. She lost her business due to the economy. Faced with losing their home, they posted an online ad looking for a boarder, CBS News correspondent Ben Tracy reports.

Unable to afford L.A.'s high rents on her slumping sales job salary, Townsend now pays Marlene Mazzi $750 a month for a bedroom and a bathroom.

"I pay her $200 extra dollars and she makes all my dinners," Townsend said.

And the table is full, ever since Mike Szapko, a chiropractor from Montana, moved in five weeks ago - making close quarters even tighter.

"I've not had to worry about people saying, 'turn the television off' or, 'I'm going to bed at 9, can we be quiet.'" Townsend said. "You know, it's odd."

Marlene's daughter Stephanie is sacrificing more, giving up her bathroom to share one with her parents and her cousin, who moved into what used to be the den.

"You go from living on your own with your family having your own privacy to like all of a sudden it's really fast and it all changes," Stephanie said.

"If you didn't rent out the rooms, if that money wasn't coming in, what would happen?" Tracy asked Mazzi.

"At this moment, I would be on the street. I'll be homeless," Mazzi said.

More and more Americans need help paying their mortgage or their rent.

Roommate postings on Craigslist shot up from 259,000 last year to 419,000 this year - a 62-percent increase.

Laura Fanucchi helps run one of the largest homeshare programs in the country.

"People have lost their retirement incomes and they've lost their jobs and they want to keep their home," Fanucchi said.

With a record one-in-10 mortgage holders now behind on their payments, even some who live in million-dollar homes open their doors to strangers.

"It's like a bed and breakfast without the breakfast," said Rick Lautenbacher, who charges $390 per week for a room in his $2 million Venice Beach home. He needs help with the mortgage as he struggles to sell in a down market.

"I'm just waiting for things to get better," Lautenbacher said.

As for Marlene Mazzi, she's hoping to get back to the life she used to share with only her family.

[02opida]

Mortgage applications mushroom on lower rates
Refinancings pace upsurge; ARMs all but disappear
By Amy Hoak, MarketWatch
Last update: 7:00 a.m. EST Dec. 24, 2008Comments: 44CHICAGO (MarketWatch) -- With mortgage rates approaching record lows, the volume of applications filed for mortgages jumped a seasonally adjusted 48% last week compared with the previous week, according to the Mortgage Bankers Association's weekly survey.
Applications for the week ended Dec. 19 ran 124.6% ahead of the mortgage activity seen during the same week last year, the Washington-based MBA said. Its survey covers about half of all U.S. retail residential mortgage applications.
The boost in applications coincided with another drop in mortgage rates, as the government's efforts to thaw out the home-mortgage market show further signs of having the desired effect.
According to the MBA's survey, rates on 30-year fixed-rate mortgages averaged 5.04% last week, down from 5.18% the previous week. This interest rate hasn't been lower since the 4.99% average rate seen for the week ended June 13, 2003.
Fifteen-year fixed-rate mortgages averaged 4.91%, down from 4.93% the week before. And one-year ARMs averaged 6.36%, down from 6.63%.
Applications to refinance existing mortgages increased 62.6% on a week-to-week basis, while applications filed for mortgages to buy homes increased a seasonally adjusted 10.6%.
The four-week moving average for all mortgage applications was up 28.8%.
Refinancings made up 83.2% of all applications filed last week, up from 76.9% the previous week. The share of applications for ARMs decreased to 0.8%, down from 1.1%.

[02opida]

USA TODAY
The number of home buyers applying for mortgages surged by a record amount last week in response to aggressive federal efforts to lower mortgage rates. Financial lobbyists advocated more of the same to stimulate the housing market.
Mortgage applications more than doubled in the holiday week ended Nov. 28 from the week before, according to a report Wednesday by the Mortgage Bankers Association. The association's index, a measure of mortgage loan application volume, was up 112% on a seasonally adjusted basis from the week earlier. And the refinance index leapt 203%.

[02opida]

Safe Havens
Lancaster, Penn.
Population: 498,465
Median home price: $206,000
12-month change in home value: +1.6%
Affordability index: 3/10
Homes sold this year: 1,166
Home value vs. national average: Same
Top employer: R.R. Donnelly & Sons publishing company

Known as an Amish cultural hub, the city is also home to a diverse group of industries, including printing and food processing. This helps keep the local market stable and unemployment low, as losses in one sector aren't devastating to the overall economy.

Locals say Lancaster is a conservative lending market, which limits foreclosures.

Clarksville, Tenn.
Population: 265,062
Median home price: $130,000
12-month change in home value: +1.4%
Affordability index: 3/10
Homes sold this year: 2,081
Home value vs. national average: -37%
Top employer: Trane Corporation

Clarksville offers an affordable alternative to nearby Nashville but is close enough that residents can enjoy the larger city's attractions.

The housing market is kept active by Clarksville's proximity to Fort Campbell. Traditionally a manufacturing town, the city also offers a robust retail economy, driven in part by Austin Peay State University.

Albuquerque, N.M.
Population: 832,774
Median home price: $172,000
12-month change in home value: +1%
Affordability index: 3/10
Homes sold this year: 7,100
Home value vs. national average: -17%
Top employer: Intel

While other midsize cities have fallen prey to rampant speculation, Albuquerque has hovered below the national real estate radar and largely avoided the subprime mortgage debacle. An influx of tech companies such as Eclipse Aviation, Hewlett Packard and Intel has helped fuel this Southwestern city's economy and attracted a young creative class.

Active retirees and immigrants have also migrated to the area, ensuring a well-rounded housing market. Experts project 9% population growth between 2006 and 2011, compared to 6% nationally.

Burlington, VT
Population: 145,360
Median home price: $250,000
12-month change in home value: +1%
Affordability index: 4/10
Homes sold this year: 592
Home value vs. national average: +21%
Top employer: IBM

On the shores of Lake Champlain, Vermont's largest city focuses on retaining its high standard of living rather than growing its population. Strict zoning standards make homebuilding difficult and discourage speculators.

Burlington's small-town mentality ensures that home lenders maintain personal relationships with their clients and help them stay within their spending means. Technology, health care, and education drive the local market.

Pittsburgh, Penn.
Population: 2,355,712
Median home price: $137,000
12-month change in home value: +.1%
Affordability index: 2/10
Homes sold this year: 7,634
Home value vs. national average: -33%
Top employer: University of Pittsburgh Medical Center

Although Pittsburgh home sales have dipped 16% this year, the properties have retained their value. This "Pittsburgh paradox," as it's called by locals, is attributed to the city's steady population growth and the construction of new, high-value homes.

Despite its reputation as a gritty city of industry and steel, Pittsburgh is now driven by the health care and technology sectors.

Johnson City, Tenn.
Population: 193,554
Median home price: $120,000
12-month change in home value: -.4%
Affordability index: 3/10
Homes sold this year: 1,134
Home value vs. national average: -41%
Top employer: East Tennessee State University

Demand in this Northwest Tennessee city's market is largely driven by East Tennessee State University, as well as new retirees. These "halfbacks" used to spend summer in the north and winter in the south but are now making Tennessee their home year round.

Education, health care and manufacturing provide the bulk of Johnson City's jobs.

Average Market
Washington, D.C.
Population: 5,306,125
Median home price: $388,000
12-month change in home value: -17.1
Affordability index: 4/10
Homes sold this year: 49,013
Home value compared to national average: +47%
Top employer: Federal government, George Washington University

While sales are still high, an overabundance of new homes in the Washington suburbs has lowered values. Northern Virginia's Prince William County is among the hardest hit by the subprime crisis in the country, with 865 foreclosures so far this year -- four times more than neighboring Fairfax County.

Homes in D.C. proper, however, have retained their value. This is because the city has little undeveloped land for new homes to be built, thus preventing speculation.

Worst Market
California Central Valley
12-month change in home values:
Merced: -42.3
Stockton: -40
Salinas: -38.7
Modesto: -37.9
Riverside: -36.8
Vallejo: -34.5

[02opida]

"encouraging them to resume more normal lending"

Paulson said the government's $700 billion financial rescue package won't purchase troubled assets from banks as originally planned. He said that plan would have taken too much time, and that the Treasury instead will rely on buying stakes in banks and encouraging them to resume more normal lending.

[02opida]

WASHINGTON – An impatient White House served notice Tuesday on banks and other financial companies receiving billions of dollars in federal help to quit hoarding the money and start making more loans

[02opida]

August pending home sales jump 7.4 percent: NAR

[mick]

hi opida, real estate????? it getting into buy zones again.

re;
(CBS) Iovana Posada is a hot commodity in an otherwise cold housing market. She's a prospective home buyer shopping for a deal, CBS News correspondent Kelly Cobiella asked.

"How long have you been looking?" Cobiella asked.

"Right now, about six months," Posada said. "I'm purely looking at the numbers, the budget, the property, the price, if it interests me, so I'm waiting out for an eager seller."

All signs point to a buyer's market. From coast to coast, the cost of a home has remained flat or dropped more than 25 percent in the past year, with some of the sharpest declines in California, Florida and Nevada.

"Buying low doesn't necessarily mean you're getting a great deal," said Manuel Iraola, who founded Homekeys.net. "It just means you're buying low."

Iraola is the founder and CEO of a Web site that helps weed out the bad buys. He says there are smart ways to find a good home and an eager seller.

First, do your homework.

"What did the last owner pay for that property, and when did that transaction take place? If someone bought post-2005, there's a more than 50-50 chance that's a seller in distress," he said.

Check the rest of the neighborhood for historical home values - and today's prices. The home Posada saw is listed at $589,000. The neighbors across the street and down the block are asking for more than $100,000 less.

"So if you are a buyer, you owe it to yourself to take a look," Iraola said.

Second, don't worry about waiting for the bottom. What goes down will go up over time.

"If you plan to live in a property three to five years, you are OK," Iraola said. "If you're thinking of speculating and flipping in the next 18 months, I don't think that's a wise decision."

Third, get pre-approved for a loan before you look. It's a buyer's market, not a borrower's market.

You'll need a high credit score, low debt, a steady job and proof of income, plus at least 10 percent down.

Even with nearly perfect credit, Posada's bank required 20 percent down for pre-approval.

"What a fantastic view!" Posada said.

She's made an offer on a condo, but she's ready to walk away from a deal that isn't perfect - even if the view is.

History.htm

[02opida]

(CBS) Iovana Posada is a hot commodity in an otherwise cold housing market. She's a prospective home buyer shopping for a deal, CBS News correspondent Kelly Cobiella asked.

"How long have you been looking?" Cobiella asked.

"Right now, about six months," Posada said. "I'm purely looking at the numbers, the budget, the property, the price, if it interests me, so I'm waiting out for an eager seller."

All signs point to a buyer's market. From coast to coast, the cost of a home has remained flat or dropped more than 25 percent in the past year, with some of the sharpest declines in California, Florida and Nevada.

"Buying low doesn't necessarily mean you're getting a great deal," said Manuel Iraola, who founded Homekeys.net. "It just means you're buying low."

Iraola is the founder and CEO of a Web site that helps weed out the bad buys. He says there are smart ways to find a good home and an eager seller.

First, do your homework.

"What did the last owner pay for that property, and when did that transaction take place? If someone bought post-2005, there's a more than 50-50 chance that's a seller in distress," he said.

Check the rest of the neighborhood for historical home values - and today's prices. The home Posada saw is listed at $589,000. The neighbors across the street and down the block are asking for more than $100,000 less.

"So if you are a buyer, you owe it to yourself to take a look," Iraola said.

Second, don't worry about waiting for the bottom. What goes down will go up over time.

"If you plan to live in a property three to five years, you are OK," Iraola said. "If you're thinking of speculating and flipping in the next 18 months, I don't think that's a wise decision."

Third, get pre-approved for a loan before you look. It's a buyer's market, not a borrower's market.

You'll need a high credit score, low debt, a steady job and proof of income, plus at least 10 percent down.

Even with nearly perfect credit, Posada's bank required 20 percent down for pre-approval.

"What a fantastic view!" Posada said.

She's made an offer on a condo, but she's ready to walk away from a deal that isn't perfect - even if the view is.

[02opida]

WASHINGTON — Rates on 30-year mortgages, which had been rising for five straight weeks, posted a decline this week as signals from the Federal Reserve eased worries about imminent rate increases.
Freddie Mac, the mortgage company, reported Thursday that 30-year fixed-rate mortgages averaged 6.35% this week. That was down from 6.45% last week, which had been the highest level since last September. The decline pushed the rate to its lowest level in three weeks but it remained above 6%, where it has been since the week of May 29.

Frank Nothaft, chief economist at Freddie Mac, said financial markets were relieved with the statement from the Federal Reserve last week that eased concerns about imminent rate hikes.

At its regular meeting to set interest rates on June 24-25, the central bank brought to an end an aggressive rate-cutting campaign and said that the risks of inflation had increased. However, nothing in the Fed's policy statement hinted that the central bank would start raising rates soon.

Many private economists believe the Fed will leave the key short-term rates it controls unchanged for the rest of this year, not wanting to boost rates while the economy remains so weak.

FIND MORE STORIES IN: Federal Reserve | Freddie Mac
Nothaft noted that the federal funds futures market, where investors make bets on when the Fed will make rate changes, still is showing rate increases starting later this year, although these expectations declined a bit following the Fed's statement from last week.

Other types of mortgages showed decreases this week as well, according to the Freddie Mac survey.

Rates on 15-year fixed-rate mortgages dropped to 5.92%, down from 6.04% last week.

The five-year adjustable-rate mortgage fell to 5.78%, down from 5.99% last week. The rate on a one-year adjustable-rate mortgage declined to 5.17%, compared to 5.27% last week.

The housing market is facing numerous headwinds at present. Slumping prices are keeping potential buyers on the fence while rising mortgage defaults are dumping more homes on an already glutted market.

The mortgage rates do not include add-on fees known as points. The nationwide fee for 30-year, 15-year and one-year mortgages all averaged 0.6 point this week. The fee on five-year mortgages averaged 0.7 point.

A year ago, rates on 30-year mortgages stood at 6.63%, 15-year mortgage rates averaged 6.30%, five-year adjustable-rate mortgages were at 6.29% and one-year adjustable-rate mortgages averaged 5.71%.

[mick]

I THINK MANY AREAS STILL HAVE SOME CHEAP LAND TO BUY FOR INVESTMENTS AND TO LIVE THERE IN ANY STATE WE CHOSE TO LIVE AT.
GOOD LUCK TO ALL WITH THIS LAND AND REAL ESTATE INVESTMENT THOUGHT FOR US.

Words of Wisdom, Thoughts, Things Said To Make Our U.S.A. and Other Coutries Grow.

http://mathforum.org/dr.math/faq/faq.doubling.pennies.html

[mick]

ya always keep da wrd going. thank you.

[02opida]

WASHINGTON - Democrats' plans to help hundreds of thousands of homeowners struggling with rising subprime mortgage rates and plummeting house values could be sidetracked by President Bush's threatened veto and the backing of many congressional Republicans.


Opponents of the plan say more prudent homebuyers and renters shouldn't be called upon to bail out borrowers who gambled on ever-rising housing prices and lost.

"The American people don't want to make their neighbor's payment when they're having trouble making their own," said Rep. Randy Neugebauer, R-Texas.

The Democratic-controlled House on Thursday passed a homeowner rescue plan that would provide cheaper, government-backed mortgages to half a million debt-ridden borrowers and bolster an economy crippled by the housing crisis. The House approved the measure by a vote of 266-154, with 39 Republicans — mostly from areas suffering worst from housing woes — supporting it.

Defying veto threats, the House voted to let the Federal Housing Administration take on up to $300 billion in new mortgages so that financially strapped borrowers facing foreclosure could refinance.

The plan by Rep. Barney Frank, D-Mass., is the centerpiece of a broader package of bills approved Thursday that Democrats say will prevent more foreclosures and help homeowners and communities deal with the fallout from the mortgage crisis.

The measure is targeted at homeowners facing default, including many who owe more than their houses are worth.

For instance, a homeowner who owes $290,000 on a house now worth $225,000 could refinance into an FHA-backed loan if the mortgage holder was willing to take a loss of about 36 percent. The borrower's monthly mortgage payments would fall from $2,200 to about $1,200.

Loan holders would have an incentive to participate, proponents believe, since the alternative would be costly foreclosures, which can involve losses of 50 percent or more.

Supporters hope the package — which awaits action in the Senate — will serve as the basis for a broad bipartisan housing compromise that could satisfy both parties' keen appetite for delivering election-year aid to anxious constituents.

But Bush's veto warnings, backed by staunch GOP opposition, are clouding its prospects.

"House Democrats passed bills that they know will never become law. Most Americans understand that we shouldn't create a taxpayer-funded bailout for lenders and speculators," said Tony Fratto, a White House spokesman.

Under Frank's plan, homeowners currently considered too risky to qualify could refinance into FHA-backed loans if their lenders agreed to take substantial losses on the original mortgages. Borrowers would have to show they could afford to make payments on the new loans. They would have to share with FHA at least half of their proceeds if they profited from selling or refinancing again.

The plan is projected to cost $2.7 billion over the next five years.

The House on Thursday also passed, 239-188, a bill to send $15 billion to states to buy and fix up foreclosed property. Bush has threatened to veto that measure also, contending it rewards the very lenders who helped caused the housing chaos and could act as an incentive for them to foreclose rather than find ways to help struggling borrowers stay in their homes.

___

The bills are H.R. 5818 and H.R. H830

[02opida]

WASHINGTON (AP) — The House on Thursday approved sending $15 billion to states to buy and fix up foreclosed property.
The measure, passed 239-188, is part of a sweeping housing package Democrats are pushing to prevent more foreclosures and help homeowners and communities deal with the fallout from the mortgage meltdown.

The House was expected to vote later Thursday on a homeowner rescue bill that would let strapped homeowners refinance into government-backed mortgages.

The measures constitute the most significant action Congress has taken to date to address the housing crisis that's at the center of the nation's economic woes.

President Bush has threatened to veto both bills, contending they reward lenders and speculators.

FIND MORE STORIES IN: Congress | Bush | Republican | Freddie Mac | Fannie Mae | Federal Housing Administration | House Financial Services Committee | House-passed | Rep. Barney Frank | Rep. Maxine Waters
The centerpiece of the plan is a measure by Rep. Barney Frank, D-Mass., the House Financial Services Committee chairman, to have the Federal Housing Administration back up to $300 billion in new loans for debt-ridden homeowners. It would let the FHA relax its standards to guarantee fixed-rate loans for borrowers currently too financially strapped to qualify.

Those homeowners could refinance if their lenders agreed to take substantial losses on the original mortgages. Borrowers would have to show they could afford to make payments on the new loans. They would have to share with FHA at least half of their proceeds if they profited from selling or refinancing again.

The plan is projected to help roughly 500,000 borrowers at a cost of $2.7 billion over the next five years.

The House-passed bill by Rep. Maxine Waters, D-Calif., would send $15 billion in loans and grants to states to purchase, rehabilitate and resell or rent foreclosed properties. Proponents say it will prevent blight in neighborhoods plagued by abandoned, foreclosed homes.

But Republican critics say it rewards lenders and investors who own the property, and could act as an incentive for them to foreclose rather than find ways to help struggling borrowers stay in their homes.

Democrats, seeking Republican support for the broader housing package, were planning to attach a grab-bag of measures Bush has sought.

Those include legislation to overhaul the FHA, to more tightly regulate government-sponsored mortgage giants Fannie Mae and Freddie Mac, and authority for state and local housing finance agencies to use tax-exempt bonds to refinance distressed subprime mortgages.

The plan is also to include a housing tax credit of up to $7,500 for first-time home-buyers, to be paid back over 15 years. It would permanently raise the limit on the size of loans FHA could insure and Fannie Mae and Freddie Mac could buy to $729,750 in the highest-cost housing markets. Those caps are scheduled to fall at the end of the year, to $362,790 for the FHA, and to $417,000 for Fannie Mae and Freddie Mac.

_

The bills are H.R. 5818 and H.R. H830.

&&&&&&&

HOW ONE AID PLAN IS SET UP


An example of how Rep. Barney Frank's version of the plan would work:

• The situation. A borrower who financed the full cost of a $200,000 house in 2006 can't afford to make payments and has no refinancing options. Because home prices have fallen, the house is now worth $150,000.
• The lender. To get the loan off its books and prevent a costly foreclosure, the original lender or mortgage holder agrees to cut the mortgage principal to 85% of appraised value, or $127,500.
• The borrower. The Frank plan would permit the borrower to refinance into a private loan for 90% of appraised value, or $135,000. The new mortgage would be backed by the Federal Housing Administration. Each year, the borrower would pay a 1.5% FHA insurance fee.
• Subsequent sale. If a borrower eventually sells the home for a profit, the government would be entitled to a share. It would be at least 3% of the amount of the refinanced loan.

[02opida]

No Crosses
on

































Federal
Property!































cid:001c01c81ff7$67eb82d0$eeca6f44@r94b88e85b4e54






























Did
you see in the news last week where the supreme
court doesn't want any crosses on Federal
property?





















Crosses
on Federal Property?














Well duh.........

(Scroll Down)
































cid:001e01c81ff7$67f51fc0$eeca6f44@r94b88e85b4e54















Let
them try and remove these.


















What
are these people thinking?
















At
what point do we say, enough is
enough?

[02opida]

WASHINGTON - Homebuilders and the mortgage industry are emerging as big victors in a bipartisan agreement reached by Senate leaders on legislation designed to limit the housing crisis.


The $15 billion Foreclosure Prevention Act of 2008, expected to be debated Thursday afternoon on the Senate floor, is drawing fire from critics who say it would do little to actually prevent foreclosures. The bill contains a $6 billion emergency tax break that would let companies use losses from 2008 and 2009 to offset profits earned over the previous four years, instead of the usual two-year timeframe.

That's good news for big homebuilders such as KB Home and Pulte Homes Inc., which have been saddled with massive losses over the past year.

Jerry Howard, chief executive of the National Association of Home Builders, said in an interview that the tax break is "very important to the building community." It will keep many small homebuilders out of bankruptcy, he said, and will prevent large builders from having to liquidate assets.

Other big beneficiaries would be Wall Street banks such as Citigroup Inc., Merrill Lynch & Co. and Morgan Stanley. In fact, any company now struggling after years of healthy profits that pumped up their tax bills could benefit.

While Democrats and Republicans called the bill a productive bipartisan compromise, Dean Baker, co-director of the liberal Center for Economic and Policy Research in Washington, questioned whether the trade off was worthwhile for Democrats. "This is first and foremost helping the big villains in the story," he said.

It would be the second time in recent history that the government has amended this accounting tool, known as a "tax loss carryback," to stimulate the economy in the face of a recession.

Earlier this year, the National Association of Home Builders was so dissatisfied by lawmakers' actions — notably not including the tax provision in the economic stimulus bill_ that it snapped shut its political purse. NAHB said it would stop making contributions to congressional candidates "until further notice."

Since 1990, the trade group has given nearly $20 million to federal candidates, with 35 percent going to Democrats and 65 percent to Republicans, according to the Center for Responsive Politics. A trade group spokesman could not be reached to comment on whether it plans to open its coffers again if Congress passes the housing bill.

The bill also contains $4 billion in grants to local governments to buy and refurbish foreclosed homes, new authority for states to issue bonds to be used to refinance subprime mortgages — those made to borrowers with poor credit — and a $7,000 tax credit for people buying properties in foreclosure.

It includes an additional $100 million — half of what Democrats proposed — for credit counseling to help homeowners avoid foreclosure. And the agreement permanently raises the limit for loans backed by the Federal Housing Administration to $550,000. That amount had been temporarily raised to nearly $730,000 as part of the economic stimulus bill signed by President Bush in February.

"This is a focused, modest package that will get tremendous bang for the buck in terms of improving the housing crisis," Sen. Charles Schumer, D-N.Y. said in a statement Wednesday. "For sure, there is more to be done. But given the constraints of reaching a bipartisan agreement, this is a worthwhile step."

Schumer and Sen. Patty Murray, D-Wash. will attempt to amend the bill to lift the mortgage counseling allocation back to $200 million.

Homeowners facing bankruptcy, however, won't find relief in the proposal.

The mortgage industry fought fiercely to spike a provision to let bankruptcy judges rewrite the terms of distressed mortgages. It won that battle; the provision was left out.

The Mortgage Bankers Association said it would have hurt more borrowers in the long run by requiring higher interest rates and larger down payments to offset the risk of bankruptcy court intervention.

Steve O'Connor, senior vice president of government affairs at the trade group, praised the deal. "If bankruptcy reform were included, it would destroy the nature of the compromise," O'Connor said.

The absence of bankruptcy intervention was criticized by 15 civil rights, labor and consumer groups — including the Center for Responsible Lending and the Consumer Federation of America. In a joint statement, they called lawmakers' actions "a win for the financial services industry that brought us this mess."

Sen. Richard Durbin, D-Ill. was expected Thursday to try to get the bankruptcy provision back in the bill.

[02opida]

A year ago, Jeff Shea began buying up rental properties around the University of Illinois at Urbana-Champaign, from which he had only recently graduated with a business major. Shea, 23, who lives in Chicago, owns three rental homes near campus, including a four-bedroom house he bought for $138,000 and rents to four students for $1,800 a month.

ADVERTISEMENT

"It's the best time ever to buy houses," Shea said. "The rent is inflated because so many people go to school here."

Shea said he'd be happy if Champaign-Urbana prices took a dive so that he could buy even more. But college towns have remained relatively stable in this slumping real estate cycle. Students, university employees, and faculty keep apartments filled and form a steady stream of home buyers. And retirees and professionals flock to college towns because they're attracted to the lifestyle and cultural activities.

Recession-Resistant Markets

Enrollments -- especially at large public universities -- are growing as more children of baby boomers (so-called echo boomers) graduate from high school. At cash-strapped public universities, dorm beds are limited and students are often forced to find private housing after freshman year, says Michael Zaransky, author of Profit by Investing in Student Housing (Kaplan Publishing 2006) and co-CEO of Northbrook (Ill.)-based Prime Property Investors, which invests in student housing.

"It's a resilient market and seems to be fairly recession-proof," Zaransky says.

BusinessWeek.com worked with OnBoard, a local real estate information specialist, to find out how college towns are doing in this slumping housing market. We selected towns with long-established, first-rate colleges and found that 17 of 25 college towns outperformed their respective states in terms of home price appreciation last year. Four towns performed as well, and only four towns underperformed.

In Palo Alto, Calif., which is home to portions of Stanford University, median home prices increased 15% in 2007 compared with 2006, according to OnBoard. (Overall real estate prices in California dropped 9%.) The area benefits not only from the university but also from its proximity to Silicon Valley. Similarly, Austin, Tex., home of the University of Texas, saw a 6% price increase in 2007, while home prices in the rest of the state remained flat.

But not all college markets have weathered the housing slump as well. Williamsburg, Va., the home of the College of William & Mary, which has restrictions that limit off-campus rentals, saw a 16% annual home price drop in 2007. Virginia's overall median home prices fell just 3%.

Not Just for Students

Zaransky says the houses located just steps from campus are seeing the most appreciation because that's where students typically want to live. But other areas of college towns also benefit from local academic institutions.

Sandy Wentworth, a Realtor with Jones Group Realtors in Amherst, Mass., says retirees -- especially former academics -- like the Amherst area, which is home to four liberal arts colleges and the University of Massachusetts Amherst. "They want access to the culture and all the great libraries," Wentworth says.

Mark Waldhoff, a Realtor with Keller Williams Realty in Champaign, Ill., says the market around campus is stable in part because the university brings buyers and renters to town from more affluent urban communities. "It brings well-paying jobs into the community and brings a lot of diversity," he says. "Professors are often surprised about what the average sales price is here compared to the community they came from. You can buy a single-family home for $155,000 to $160,000."

For those parents of college students who can afford it, buying a house close to campus often makes good financial sense because their children need a place to live for four years, after which the property can be sold or turned into a rental home. But Zaransky says parents should try to take their children out of the equation when deciding whether to buy. It's generally good to buy in college towns with low-cost real estate, rising enrollments, and a shortage of dorm beds, he says. And it's best to look outside of large, expensive cities where colleges have less influence on the housing market.

Risks for Investors

But like any real estate investment, buying in a college town comes with risks, particularly for investors. Think Animal House. Students are known to drink, punch holes through windows, spill beer on carpets, or just not be very responsible. Of course, it's possible to protect your investment by requiring tenants to provide security deposits and parental guarantees.

And though the pool of tenants in a university town is large, it's harder to find renters after the semester begins; the risk is that an apartment could go empty for a few months -- though there's always summer school.

A larger risk is that the subprime mortgage crisis could spread and the economy could fall into a deep recession. In that situation, home prices in college towns might not drop as much as other places, investors say.

In Austin, home prices near campus are already so high that investors can't necessarily expect to cover a mortgage with rental income unless they come up with a significant down payment, says Jay Carter, a Realtor with Livinginaustin.com. But buying a home can still make a good investment in terms of appreciation.

Carter says enrollment is growing, but there's a risk that the credit crunch could spread to the student loan market, pushing up interest rates and making college more expensive. "The area around the University of Texas campus is tighter than ever, and demand will always be there no matter what the economy is doing," he says. "UT students are competing (for apartments) with a large number of non-UT students who just want to live in that area of town. There's a huge urban boom in Austin."

A Tight Market

Home prices next to the University of Florida campus in Gainesville have been strong despite Florida's real estate downturn, says Dave Ferro, a Realtor with Bosshardt Realty Services. Foreclosures are more common farther away from campus, he says, but finding a good investment property close to campus is difficult because sellers are few and prices are relatively high.

"When the market is hot, it's difficult to buy a property that you can break even on in terms of renting," Ferro says. "Things have changed a little bit, but properties around campus are like waterfront."

If you want to invest in college towns but don't want to get involved with buying real estate, Zaransky suggests buying shares of real estate investment trusts. REITS that invest in student housing include American Campus Communities (NYSE:ACC - News), Education Realty Trust (NYSE:EDR - News), and GMH Communities (NYSE:GCT - News).

[02opida]

(CBS) Kaylene Gainor's first home was a bargain: A fixer-upper with a mortgage she could afford on her teacher's salary.

She paid it on time for seven years. But when her daughter started college, "things came up financially that I thought she just had to have," Gainor said.

Gainor was days from foreclosure when a stranger appeared on her doorstep offering help, CBS News correspondent Kelly Cobiella reports.

"She came with someone I knew, so I kind of felt safe in saying 'OK, well, let me hear what you have to offer,'" Gainor said.

She had never heard of the company National Foreclosure Management, but their solution sounded like a godsend. She and her grandchildren could stay in her home; all she had to do was sign over the title.

She agreed, but about a year later, another surprise at her door: an eviction notice.

"When I walked up and saw that, I thought, 'it's over,'" she said.

Gainor fell victim to a foreclosure rescue scam. Here's how it works: Companies like Foreclosure Rescue Management offer to hold the title to your home for a year. You're allowed to live there while they refinance your debt.

But behind the scenes, they sell the title to a new buyer who demands high rent you can't possibly pay. You end up in the same place you began - out of your home.

"We know that they were bad apples," said Florida Attorney General Bill McCollum.

Florida's Attorney General has filed suit against National Foreclosure Management for bilking at least 80 homeowners of nearly $2 million.

"There are at least 20 other businesses being investigated right now, and I suspect we will unearth more as we go through this," McCollum said.

Nationwide, foreclosure fraud is a booming business. In Cleveland, 21 rescue companies opened in the last year alone. Twelve states are fighting back with tough new anti-fraud laws.

Federal lender Freddie Mac posted its own "beware" sign on YouTube. But for those who have already fallen into the scammer's trap, it's nearly impossible to get out.

Gainor lost $50,000 in equity. She'd like to buy back her home, but the mortgage payments have more than doubled.

"I will stay as long as I can and after that…?" she said.

She wants her story to serve as a warning, so others aren't robbed of house …and hope.

[02opida]

Sold! Over 1,500 Home Buyers Attend the Largest Real Estate Foreclosure Auction in the History of Central California
02/26 8:25 am (PR)
Story 1018


IRVINE, Calif., Feb. 26 /PRNewswire/ -- National Home Auction Corporation, a public lender foreclosure auction company, announced today the successful completion of its Central California foreclosure auction held Sunday, February 24th in Fresno, California.

Reported by the local Fresno press as the largest real estate foreclosure auction in the history of the Central California, National Home Auction sold over 85 foreclosed condos, single family homes and investment properties to an energetic crowd of over 1,500 attendees in less than 3 hours.

"We knew Central California was ready for a foreclosure auction of this magnitude," commented Chris Connelly, President of National Home Auction. "And they proved it, with over 1,000 people lined up and waiting to get in by the time the doors opened for registration."

Auction attendees included a diverse mix of first-time home buyers, existing homeowners interested in 2nd homes or vacation property and investors looking to add to their real estate holdings.

"That's a direct reflection of our marketing strategy," added Steven Frank, SVP of Marketing for National Home Auction. "Our goal is to sell every property at its fair market value. We auction a variety of foreclosed property types on behalf of our lender sellers and target our marketing to attract an equally diverse range of home buyers."

National Home Auction holds public lender foreclosure auctions and builder closeouts in select US markets nationwide. Upcoming auctions include Los Angeles, Denver, Las Vegas, Phoenix and more. More information on upcoming auction locations can be found by visiting http://www.homeauctiondirect.com. Contact Chris Connelly at (800) 854 -0765 for a complete auction schedule or to discuss including assets in an upcoming NHA event.

About National Home Auction: National Home Auction (NHA) is a privately held company specializing in the marketing and auction-style sale of lender foreclosure properties and builder closeouts nationwide. NHA provides asset sellers the opportunity to liquidate large numbers of properties at a single event and presents home buyers with some of the best opportunities to buy and own real estate in today's market. National Home Auction is headquartered in Irvine, CA, with executive offices at 230 Park Ave in New York City. For more information call 1.800.854.0765, or visit http://www.homeauctiondirect.com

This release was issued through eReleases(TM). For more information, visit http://www.ereleases.com.

SOURCE National Home Auction Corporation

/CONTACT: Chris Connelly for National Home Auction Corporation at 1 -800 -854 -0765; or 1 -800 -854 -0765 /Web site: http://www.homeauctiondirect.com

[02opida]

WASHINGTON (AP) -- Mortgage application volume skyrocketed 32.2 percent during the holiday shortened week ending Jan. 4, ending three consecutive weeks of sharp declines, according to the Mortgage Bankers Association's weekly application survey.



The MBA's application index jumped to 706 from 533.9 the previous week, which was also a holiday shortened week because of Christmas. The index can be more volatile around the holidays, as volume tends to be smaller and seasonal adjustments are made. During the same period the previous year, the application index jumped 16.6 percent.

Application volume is still 13 percent less than it was four weeks earlier when it began a run of steady declines. The index stood at 811.8 for the week ending Dec. 7.

Refinance volume increased 53.9 percent during the week ending Jan. 4, while purchase volume jumped 14.7 percent. Refinance applications accounted for 57.7 percent of total applications, compared with 50.9 percent the previous week.

The index peaked at 1,856.7 during the week ending May 30, 2003, at the height of the housing boom.

An index value of 100 is equal to the application volume on March 16, 1990, the first week the MBA tracked application volume. A reading of 706 means mortgage application activity is 7.06 times higher than it was when the MBA began tracking the data.

The survey provides a snapshot of mortgage lending activity among mortgage bankers, commercial banks and thrifts. It covers about 50 percent of all residential retail mortgage originations each week.

Application volume jumped while fixed interest rates tumbled. The average interest rate for traditional, 30-year fixed-rate mortgages fell to 5.73 percent from 6.05 percent the previous week. The average interest rate for 15-year fixed-rate mortgages, which are often used to refinance mortgages, dropped to 5.21 percent from 5.61 percent the prior week.

Rates for one-year adjustable rates rose slightly to 6.04 percent from 6 percent.

[02opida]

WASHINGTON - Treasury Secretary Henry Paulson said Tuesday the administration was exploring what would be a significant expansion of the program to help at-risk mortgage holders.



Paulson, in an interview on CNBC, said the administration was involved in discussions with the mortgage industry to expand a current program to freeze adjustable rate mortgages for five years to include borrowers of loans at prime rates. Currently, the rate freeze only covers a much smaller segment of adjustable rate loans, those made to subprime borrowers. Those are borrowers with weak credit histories.

"One thing we will consider with the HOPE NOW alliance is ... maybe expanding this beyond subprime borrowers to other borrowers,"

[mick]

hi Bob, ya caught me in action. i was doing some updates at

IVOT

http://investorshub.advfn.com/boards/board.asp?board_id=4291

RE:
Merry Christmas and Happy Birthday to Jesus,
The Great Teacher of Love, Forgiveness,
and Compassion for all of God's Creatures

God Bless One & All


New Orleans housing protests
Small Video Icon

New Orleans has voted to demolish 4,500 public housing units despite violent protests.
21 Dec 2007

http://news.bbc.co.uk/player/nol/newsid_7150000/newsid_7155100/7155135.stm?bw=nb&mp=rm&news=1&nol_storyid=7155135&bbcws=1#

http://educate-yourself.org/cn/

NWO Depopulation Phase 2:
Sabotaging Your Home Water Supply ?

http://mirrors.wordsforgood.org/educate-yourself.org/cn/waterdeliverysabotage19jun07.html

http://www.ronpaulblimp.com/

God Bless America

[NYBob]

Merry Christmas and Happy Birthday to Jesus,
The Great Teacher of Love, Forgiveness,
and Compassion for all of God's Creatures

God Bless One & All


New Orleans housing protests
Small Video Icon

New Orleans has voted to demolish 4,500 public housing units despite violent protests.
21 Dec 2007

http://news.bbc.co.uk/player/nol/newsid_7150000/newsid_7155100/7155135.stm?bw=nb&mp=rm&news=1&nol_storyid=7155135&bbcws=1#

http://educate-yourself.org/cn/

NWO Depopulation Phase 2:
Sabotaging Your Home Water Supply ?

http://mirrors.wordsforgood.org/educate-yourself.org/cn/waterdeliverysabotage19jun07.html

http://www.ronpaulblimp.com/

God Bless America

[mick]

i don't know how mayor got elected again but that's a but.

RE:
Report: New Orleans Pop. Nears 300,000 -
By BECKY BOHRER –

NEW ORLEANS (AP) — Despite slow progress in rebuilding some neighborhoods, New Orleans' population is nearing 300,000, or about 65 percent of its pre-Hurricane Katrina size, according to a new report.

The report, compiled by urban planning consultancy GCR & Associates and based on utility hookups, estimates the population at 295,450 and predicts it will surpass the 300,000 mark soon. That will put it on par with cities like Tampa, Fla., and Pittsburgh and provide a "significant indication of New Orleans' sustained viability as a major city and as an anchor for a large metropolitan area," the report says.

Mayor Ray Nagin has pointed frequently to the population estimates as a key way to gauge the city's success at recovering from the August 2005 storm.

Some of New Orleans' hardest hit areas are still dotted with overgrown lots, empty houses and crumbling streets. But Nagin has said he thinks 2008 will be a turning point, as additional federal aid is freed up and more rebuilding grants are made available to homeowners.

Greg Rigamer, GCR & Associates' CEO, said Monday he doesn't expect the city's population to approach its pre-Katrina estimated population of 455,000 anytime soon. Rather, it will level off at about 325,000 to 350,000 in the next few years, he said.

"When you look at the (available) housing stock on the market, it's not a matter of housing, but whether we can support those who are back, both economically and from a service standpoint," he said.


Truth, like gold, is to be obtained not by its growth -
but by washing away from it all that is not gold -

http://educate-yourself.org/nwo/nwopopcontrol.shtml

http://nwo-warning.tripod.com/haarp2.htm

http://www.ronpaulblimp.com/

God Bless America

[mick]

hi Bob, good morning. ture about progress in new orleans. i always wnet there three times a year. especially for the big game "superbowl football."

[NYBob]

Report: New Orleans Pop. Nears 300,000 -
By BECKY BOHRER –

NEW ORLEANS (AP) — Despite slow progress in rebuilding some neighborhoods, New Orleans' population is nearing 300,000, or about 65 percent of its pre-Hurricane Katrina size, according to a new report.

The report, compiled by urban planning consultancy GCR & Associates and based on utility hookups, estimates the population at 295,450 and predicts it will surpass the 300,000 mark soon. That will put it on par with cities like Tampa, Fla., and Pittsburgh and provide a "significant indication of New Orleans' sustained viability as a major city and as an anchor for a large metropolitan area," the report says.

Mayor Ray Nagin has pointed frequently to the population estimates as a key way to gauge the city's success at recovering from the August 2005 storm.

Some of New Orleans' hardest hit areas are still dotted with overgrown lots, empty houses and crumbling streets. But Nagin has said he thinks 2008 will be a turning point, as additional federal aid is freed up and more rebuilding grants are made available to homeowners.

Greg Rigamer, GCR & Associates' CEO, said Monday he doesn't expect the city's population to approach its pre-Katrina estimated population of 455,000 anytime soon. Rather, it will level off at about 325,000 to 350,000 in the next few years, he said.

"When you look at the (available) housing stock on the market, it's not a matter of housing, but whether we can support those who are back, both economically and from a service standpoint," he said.


Truth, like gold, is to be obtained not by its growth -
but by washing away from it all that is not gold -

http://educate-yourself.org/nwo/nwopopcontrol.shtml

http://nwo-warning.tripod.com/haarp2.htm

http://www.ronpaulblimp.com/

God Bless America

[NYBob]

Police used chemical spray and stun guns as dozens
of protesters tried to force their way into the packed
City Council chamber.
One woman was sprayed and dragged from the gates.
Emergency workers took her away on a stretcher.

Click to read more ...

http://www.peopleshurricane.org/

Destroying Housing in New Orleans
Tuesday, December 25, 2007; Page A24

The Dec. 20 editorial "A Better Life in New Orleans," on the decrepit state of public housing in the city, made several correct points about why public housing there needs improvement but drew the wrong conclusion.

As the editorial noted, continuing a failed approach to public housing would be "the definition of insanity."
The inhuman conditions found in New Orleans's public housing were created by a long policy of calculated indifference to residents' right to live in conditions respectful of their inherent dignity as human beings.

Decades of federal and state underfunding of maintenance led
to scarcities that we, as the richest country in the world,
should be ashamed of.

But destroying public housing without one-for-one replacement
of affordable units, without the democratic input of
residents, and, most crucial, without proper heed being
paid to the human right to enjoy adequate living
conditions would be a step away from the values of
equality and dignity that we as Americans proclaim and
a step back toward the inequality that
Hurricane Katrina so clearly revealed.

ERIC TARS

Human Rights Attorney, National Law Center
http://www.washingtonpost.com/wp-dyn/content/article/2007/12/24/AR2007122401778.html


http://educate-yourself.org/nwo/nwopopcontrol.shtml

http://nwo-warning.tripod.com/haarp2.htm

http://www.ronpaulblimp.com/

God Bless America

[NYBob]

In pictures: New Orleans clashes - N.O. approves demolitions -



http://news.bbc.co.uk/2/hi/in_pictures/7154981.stm

New Orleans approves demolitions -

Partially-demolished housing block in New Orleans
(15 December 2007)

http://news.bbc.co.uk/2/hi/americas/7154954.stm

Tensions have been high in New Orleans over a lack of housing
New Orleans City Council has voted to demolish 4,500 public
housing units despite violent protests against
the development project earlier on Monday.

http://www.haarp.net/

http://nwo-warning.tripod.com/haarp2.htm

The US Department of Housing and Urban Development
wants to replace the units, which were damaged by
Hurricane Katrina in 2005, with new mixed-income housing.

But critics say the development will restrict the stock
of cheap housing.

Earlier, police used pepper spray and stun guns
on the protesters when they tried to get into
the council chamber.

Several people were treated for the effects of
the pepper spray.
It is not known if any of the protesters were arrested.

Temporary housing

Following hours of debate and clashes outside the meeting,
New Orleans City Council voted in favour of
the government's plan to replace the decades-old
structures damaged by Katrina to be demolished.


Protester has eyes rinsed of pepper spray outside New Orleans city hall - 20 December 2007

In pictures: City hall clashes

Beforehand, critics of the plan had argued it would further restrict the stock of cheap housing at a time when the city is still struggling to rebuild from Katrina. They also said the brick buildings were still sound and only needed to be renovated.

"It is beyond callous, and can only be seen as malicious discrimination," said Kali Akuno of the Coalition to Stop the Demolition.

"It is an unabashed attempt to eliminate the black population of New Orleans."

But supporters of the demolition plan argued it would allow developers to take advantage of tax breaks and build new neighbourhoods with an allotment of low-income housing.

Thousands of families from the southern states hit by Hurricane Katrina are still living in government-funded temporary housing, including caravan parks.

http://educate-yourself.org/nwo/nwopopcontrol.shtml

http://nwo-warning.tripod.com/haarp2.htm

http://www.ronpaulblimp.com/

God Bless America

[02opida]

NEW YORK (Reuters) - Mortgage applications rose last week to the highest level since July 2005 despite a jump in borrowing costs, an industry group said on Wednesday.


The Mortgage Bankers Association's index of mortgage applications rose by a seasonally adjusted 2.5 percent to 811.8 in the week ended December 7, boosted by demand for both purchases and refinancing loans.

The trade group's index continues to be skewed by borrowers filing numerous applications in the hopes of getting one approved, analysts contend.

Lenders are much more stringent in extending credit after being stung by loans that had been doled out when practices were much looser. Last week the MBA reported record foreclosures as well as a record pace of loans entering the foreclosure process in the third quarter.

"Buyers out there are scared about their mortgage applications being turned down, and anecdotes show they are actually applying for more mortgages with more companies," Steve Wyatt, a professor of finance at the Farmer School of Business at Miami University said on Tuesday prior to the release of the MBA report.

"Higher applications are not necessarily as indicative of demand as they might have been before," and have not been translating to higher sales, he said.

Borrowing costs on 30-year fixed-rate mortgages averaged 6.07 percent excluding fees, up 25 basis points, nearly reversing the drop seen in the prior week.

Loan rates have run higher, however, for much of the year, peaking at 6.65 percent in early July, according to the MBA.

The trade group also said its purchase index rose 1.7 percent to 472.0 and a refinancing gauge climbed 4.3 percent to 2,879.8 on a seasonally adjusted basis.

The Federal Reserve's quarter-percentage-point cut in benchmark U.S. rates on Tuesday will do little to directly stimulate the housing market, Wyatt said.

"Rates cuts can indirectly help the banking system weather the credit problems," he said. "But it has not yet resulted and won't any time soon result in an increase in demand for housing because we've taken so many potential buyers out of the market with the increase in lending standards."

[02opida]

Which adjustable-rate mortgage holders are affected?

Only a small group. To qualify, you need to have received your loan sometime between Jan. 1, 2005 and July 31, 2007, and you need to be facing a reset of your interest rate sometime between Jan. 1, 2008 and July 31, 2010. If you're within this range, you may be eligible to have your interest rate frozen, so you can keep your current, lower rate for five years.

Who qualifies within that range?

The bailout is really designed for homeowners who could run into trouble if their mortgage payments are raised sharply and face the prospect of losing their homes. If you're well enough off that you can afford the higher mortgage payments after a reset, you won't qualify. And if you're in bad enough shape that you can't handle the current low interest rate, you won't qualify. For example, if you've already fallen behind on your mortgage payments, you're not eligible for the rate freeze.

[02opida]

Many of the efforts to keep homeowners in their homes -- and out of foreclosure -- are coming from the state level, the National Governors Association Center for Best Practices said in an issue brief released this week.

Several states have passed legislation to strengthen consumer protection, impose harsher penalties on predatory lenders and provide access to education and counseling for homeowners, the group said. Other strategies include the creation of foreclosure-prevention funds and the adoption of regulatory guidelines for subprime and nontraditional mortgages.

[mick]

this is a good article: RE:

Posted by: NYBob
In reply to: mick who wrote msg# 98 Date:8/31/2007 11:54:55 AM
Post #of 101

"60 Minutes" documentary -
Here's the link -

http://content.thewebvideo.com/Vidz/Oilsands.wmv
BQI is only in the beginning of the large discoveries -

the largest oil tar sands land res. in the free world -
dd....BQI....

http://investorshub.advfn.com/boards/board.asp?board_id=6668
----

btw..fys....
its very little left -
don't lose out on great health -
and wellness -
http://tinyurl.com/3792st
http://tinyurl.com/368bzx
God Bless

[NYBob]

Later, US President George W Bush is expected to set out plans
to help millions of homeowners with sub-prime mortgages
avoid defaulting....

http://news.bbc.co.uk/2/hi/business/6971746.stm

Record defaults

The crisis in the US sub-prime mortgage sector has been caused
by American mortgage rates rising sharply over the past year.

rates rised about 15 times first -
but now when millions lost and walked away from the homes -
we lower it a few times? -
to become a hero? -

and continue to print the counterfeitz paperz -



This has meant a growing number of sub-prime borrowers have been unable to meet their monthly payments as their initial low rates expire, leading to record levels of defaults.

The result has not only been significant financial difficulty for banks and investment firms heavily exposed to the sub-prime market, but also the recent stock market turmoil.

Fed's Hawkish Position On Credit And Default Derivatives Buys A Bit Of Time But Not Much Else -

http://www.jsmineset.com

----

btw..fys....
its very little left -
don't lose out on great health -
and wellness -
http://tinyurl.com/3792st
http://tinyurl.com/368bzx
God Bless

[NYBob]

"60 Minutes" documentary -
Here's the link -

http://content.thewebvideo.com/Vidz/Oilsands.wmv
BQI is only in the beginning of the large discoveries -

the largest oil tar sands land res. in the free world -
dd....BQI....

http://investorshub.advfn.com/boards/board.asp?board_id=6668
----

btw..fys....
its very little left -
don't lose out on great health -
and wellness -
http://tinyurl.com/3792st
http://tinyurl.com/368bzx
God Bless

[02opida]

• Urge Congress to pass Federal Housing Administration overhaul legislation that would give the FHA more flexibility in assisting mortgage holders with subprime mortgages.

• Pledge to work with Congress to reform the tax code to help troubled borrowers rework their loans.

• Call for rigorously enforcing predatory lending laws and strengthening lending practices.

[mick]

BOb so you can continue all your efforts i placed you at these for updating ibox.
thank you,

if ya want off just say da word.

Metals/Silver,Gold,Precious Metals companies/Research 11th born...#board-4784
Energy: Oil, Gas - Companies/Research, Domestic & Foreign 12th born...#board-4787

[NYBob]

To 'mick' on 'SONS and DAUGHTERS of BBCMF THE RUSH TO INVEST in LAND and REAL ESTATE.' -

catching up to ya. RE:

well when we learn how to pick up a few acres for -
a fiatz$buck - with black Gold Res. worth about 10s of million
real Bucky -

Ex....
Oilsands Quest acquired five of the six blocks of oil sands exploration licences offered in the sale covering a total of 44,484 hectares (109,920 acres) for an aggregate cost of $2.25 million Cdn, plus annual rental of $1.75 per hectare.

The licences are for oil sands rights from the surface to the top of the Devonian geologic formation for a term of five years. The blocks of land are located in Townships 90 and 91, Ranges 21 to 26 West of the 3rd Meridian. All of the blocks are located south of the company's existing exploration permits in Saskatchewan; two are on the Alberta border.

Oil shale exploratory permit

Oilsands Quest acquired one of the two oil shale exploratory permits in the Pasquia Hills area offered in the sale, totalling 33,900.11 hectares (83,769 acres), for a total work commitment of $301,568 during the first two years of the permit. Thereafter, the minimum annual expenditure requirement is $2.00 per hectare for the remaining term of the permits plus an annual rental of $0.25 per hectare. Oilsands Quest's bid committed the highest amount of eligible expenditures on the permit lands during the first two years of the five-year permit. The permit is for oil shale rights from the surface to the top of the Precambrian geologic formation and is located in Townships 44 and 45, Ranges 1 to 3 West of the 2nd Meridian.

Total land position

As a result of the August 13 land sale, Oilsands Quest's land holdings in Saskatchewan and Alberta have increased substantially, as summarized below.

-------------------------------------------------------------------------
Saskatchewan Alberta
-------------------------------------------------------------------------
Hectares Acres Hectares Acres
-------------------------------------------------------------------------
Oil Sands
-------------------------------------------------------------------------
Exploration Permits(x) 205,595 508,026 27,136 67,053
-------------------------------------------------------------------------
Exploration Licences(x) 44,483 109,918 - -
-------------------------------------------------------------------------
Lease (Eagles Nest) - - 9,216 22,773
-------------------------------------------------------------------------
Totals 250,078 617,944 36,352 89,826
-------------------------------------------------------------------------

-------------------------------------------------------------------------
Oil Shale
-------------------------------------------------------------------------
Exploration Permits 198,155 489,640 - -
-------------------------------------------------------------------------

(x) The oil sands exploration permits and exploration licences in
Saskatchewan and Alberta are contiguous.

About Oilsands Quest

With the largest contiguous oil sands holdings in Canada, Oilsands Quest Inc. is focused on aggressive exploration and the accelerated development of potential multiple world-scale discoveries. The company is conducting pre-commercialization studies for its first discovery, Axe Lake, leading the development of Saskatchewan's emerging oil sands industry.

dd....
http://www.oilsandsquest.com

http://investorshub.advfn.com/boards/board.asp?board_id=6668
----

btw..fys....
don't lose out on great health -
and wellness -
http://tinyurl.com/3792st
http://tinyurl.com/368bzx
God Bless

[mick]

nice update for ibox. i like it. lot of history in there for all.

i'll do a interconnect to R.T.M. forum.

[mick]

hi Bob, catching up to ya. RE:


Posted by: NYBob
In reply to: mick who wrote msg# 93 Date:8/14/2007 5:06:06 PM
Post #of 94

U.S. sees no "legal standing" for Russia flag-planting in Arctic
http://www.chinaview.cn 2007-08-03 10:26:41

WASHINGTON, Aug. 2 (Xinhua) -- The United States said on Thursday that Russia's flag-planting in Arctic has no legal standing to claim for rights to the mineral-rich region.

"I'm not sure of whether they've put a metal flag, a rubber flag or a bed sheet on the ocean floor," State Department spokesman Tom Casey said of an expedition by two Russian submarines to the floor of the Arctic Ocean.

It was reported that Russians had planted a banner of rustproof titanium as a symbol of Moscow's claim over a vast expanses of the Arctic floor.

"Either way, it doesn't have any legal standing or effect on this claim," Casey said, "it certainly to us doesn't represent any kind of substantive claim, and I certainly haven't heard anyone else make the argument that it does."

Casey made the remarks after Russian mini-subs completed their visit to the seabed under the North Pole.

Russian President Vladimir Putin called the mission participants after their return, congratulating them on a successful mission, the Kremlin said.

http://news.xinhuanet.com/english/2007-08/03/content_6468738.htm

USSR 666-bolshevikz E. German 'licence to kill' found -

http://investorshub.advfn.com/boards/read_msg.asp?message_id=22015426

Note. US & UK - gave money a signed blank check -
to rebuilt Europe after the WWII -

the 666 bolshevikz ussr - put up a wall -
and kept the people like slaves -

the 666 robbed the 888 and their country of all valuables -
gave it back - when the 666 killed most Christians 888 -

and robbed the country of anything of value to them -
and the 666 long fingerz could get hold of steal and rob! -
let's not forget! - for the
history repeat itself -

Border guards in East Germany during the (Cold War?) Peace-Time -
from 1961 - to Pres. Reagan wiped out the bolshevikz666terrorz wall! -
were given clear orders to shoot at attempted defectors,
including children, a senior official says.

A newly discovered order is the firmest evidence yet
that the communist bolshevikz 666regime gave explicit -
shoot-to-kill orders, says Germany's director -
of Stasi files.


First people had to cross a wide mine field -
if they made it over the 666 ussr bolshevikz devilz -
Guards shot 1000s of people trying to cross -
the Berlin Wall - I heard about Christian peoples Pray
for help - about every day for 25 years -
the 666 had target excercise excercusions on -
the 666guardz let the 888 bleed on the barb wires -
but before the top killed murdered by target practise terrorz -
and that was still the few Christians who did get
to the wall - the most were killed by the 666minefield -

The Stasi was the security ministry of the East German -
government, which always denied there was such a policy.

The order "is a licence to kill", said the head of a -
Stasi victims' memorial.

Hubertus Knabe called for a criminal investigation -
and possible murder charges to be brought against -
whoever drew up the order, saying nearly all -
the Stasi's 91,000 former employees had -
gone "practically unpunished".

Still reckoning

The seven-page document dated 1 October 1973,
was found last week in an archive in the eastern city -
of Magdeburg, among the papers of an -
East German border guard.

"Do not hesitate with the use of a firearm,
including when the border breakouts involve women -
and children, which the traitors have already -
frequently taken advantage of," it reads.

Officially, East German border regulations said use -
of a weapon was to be considered an "extreme measure".

But Marianne Birthler, director of the government office -
that now manages Stasi archives, said the order proves -
that the top echelon of the regime expected attempted -
runaways to be killed.

"The document is so important because the political leaders -
of the time continue to deny there was an order to shoot,"
she told the newspaper Frankfurter Allgemeine Sonntagszeitung.

"We have a long way to go in reckoning with the past," -
she added.

A prominent victims' group said last week that at least -
1,245 people had been killed trying to flee East Germany,
more than half of them after the Berlin Wall -
was erected in 1961.

The figure is far higher than the official total.

A Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/europe/6943093.stm

Published: 2007/08/12 13:40:55 GMT

Rather than just repeating the Stalinist viewpoint,
Duranty often admitted the brutality of the Stalinist system
and then proceeded to both explain and defend why
dictatorship or brutality were necessary...
http://en.wikipedia.org/wiki/Walter_Duranty


Ex. A Story....
Joseph Stalin USSR communist dictator closed down over 48 000
Christian Churches, and attempted the liquidation of
the entire Christian Church People -
http://tinyurl.com/eb2eh

200 million Christians have been murder
and many more persecuted by the ussr
bolshevikz evilz666 terrorz etc. -

Ex. of a few Christian stories....
The Christian history is -
http://tinyurl.com/3c5gn
http://www.vdare.com/misc/051105_macdonald_stalin.htm

Let's Pray!
Christians need to pray for those trapped in lands misruled
by 666 dictators.
Pray that these people would be set free.

Political 666misrule may also result in poverty.
Pray that God would meet the needs of the people trapped
in these lands.

Christianity is a forbidden religion in many 666dictatorships.
Pray that God would free and protect 888believers in these
lands.

Christians have seen, dictators also have been known to start
wars.
Pray that the lands bordering such countries may be protected
from aggression.

Let us also pray for the salvation of the 666dictators
themselves. In Daniel 4:37, we see the humbled dictator
Nebuchadnezzar praising God.

Pray to God will help and reform dictators in today's world.
Along that same line, let's pray for God to depose those -
666 whose hearts will never bend to His will.
The atrocities against Christians - continue to this day!
History often repeat itself -

Please join and let us all Pray -
Pray Unto Pater GOD For All!

Holy New Martyrs, and
Confessors Of Holy Christian Faith,
Pray Unto GOD For Us!
http://www.888c.com/
GLORY BE TO GOD FOR ALL -

http://investorshub.advfn.com/boards/board.asp?board_id=9826
Thanks Father for the bread to all today -
Amen

[NYBob]

U.S. sees no "legal standing" for Russia flag-planting in Arctic
www.chinaview.cn 2007-08-03 10:26:41

WASHINGTON, Aug. 2 (Xinhua) -- The United States said on Thursday that Russia's flag-planting in Arctic has no legal standing to claim for rights to the mineral-rich region.

"I'm not sure of whether they've put a metal flag, a rubber flag or a bed sheet on the ocean floor," State Department spokesman Tom Casey said of an expedition by two Russian submarines to the floor of the Arctic Ocean.

It was reported that Russians had planted a banner of rustproof titanium as a symbol of Moscow's claim over a vast expanses of the Arctic floor.

"Either way, it doesn't have any legal standing or effect on this claim," Casey said, "it certainly to us doesn't represent any kind of substantive claim, and I certainly haven't heard anyone else make the argument that it does."

Casey made the remarks after Russian mini-subs completed their visit to the seabed under the North Pole.

Russian President Vladimir Putin called the mission participants after their return, congratulating them on a successful mission, the Kremlin said.

http://news.xinhuanet.com/english/2007-08/03/content_6468738.htm

USSR 666-bolshevikz E. German 'licence to kill' found -

http://investorshub.advfn.com/boards/read_msg.asp?message_id=22015426

Note. US & UK - gave money a signed blank check -
to rebuilt Europe after the WWII -

the 666 bolshevikz ussr - put up a wall -
and kept the people like slaves -

the 666 robbed the 888 and their country of all valuables -
gave it back - when the 666 killed most Christians 888 -

and robbed the country of anything of value to them -
and the 666 long fingerz could get hold of steal and rob! -
let's not forget! - for the
history repeat itself -

Border guards in East Germany during the (Cold War?) Peace-Time -
from 1961 - to Pres. Reagan wiped out the bolshevikz666terrorz wall! -
were given clear orders to shoot at attempted defectors,
including children, a senior official says.

A newly discovered order is the firmest evidence yet
that the communist bolshevikz 666regime gave explicit -
shoot-to-kill orders, says Germany's director -
of Stasi files.


First people had to cross a wide mine field -
if they made it over the 666 ussr bolshevikz devilz -
Guards shot 1000s of people trying to cross -
the Berlin Wall - I heard about Christian peoples Pray
for help - about every day for 25 years -
the 666 had target excercise excercusions on -
the 666guardz let the 888 bleed on the barb wires -
but before the top killed murdered by target practise terrorz -
and that was still the few Christians who did get
to the wall - the most were killed by the 666minefield -

The Stasi was the security ministry of the East German -
government, which always denied there was such a policy.

The order "is a licence to kill", said the head of a -
Stasi victims' memorial.

Hubertus Knabe called for a criminal investigation -
and possible murder charges to be brought against -
whoever drew up the order, saying nearly all -
the Stasi's 91,000 former employees had -
gone "practically unpunished".

Still reckoning

The seven-page document dated 1 October 1973,
was found last week in an archive in the eastern city -
of Magdeburg, among the papers of an -
East German border guard.

"Do not hesitate with the use of a firearm,
including when the border breakouts involve women -
and children, which the traitors have already -
frequently taken advantage of," it reads.

Officially, East German border regulations said use -
of a weapon was to be considered an "extreme measure".

But Marianne Birthler, director of the government office -
that now manages Stasi archives, said the order proves -
that the top echelon of the regime expected attempted -
runaways to be killed.

"The document is so important because the political leaders -
of the time continue to deny there was an order to shoot,"
she told the newspaper Frankfurter Allgemeine Sonntagszeitung.

"We have a long way to go in reckoning with the past," -
she added.

A prominent victims' group said last week that at least -
1,245 people had been killed trying to flee East Germany,
more than half of them after the Berlin Wall -
was erected in 1961.

The figure is far higher than the official total.

A Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/europe/6943093.stm

Published: 2007/08/12 13:40:55 GMT

Rather than just repeating the Stalinist viewpoint,
Duranty often admitted the brutality of the Stalinist system
and then proceeded to both explain and defend why
dictatorship or brutality were necessary...
http://en.wikipedia.org/wiki/Walter_Duranty


Ex. A Story....
Joseph Stalin USSR communist dictator closed down over 48 000
Christian Churches, and attempted the liquidation of
the entire Christian Church People -
http://tinyurl.com/eb2eh

200 million Christians have been murder
and many more persecuted by the ussr
bolshevikz evilz666 terrorz etc. -

Ex. of a few Christian stories....
The Christian history is -
http://tinyurl.com/3c5gn
http://www.vdare.com/misc/051105_macdonald_stalin.htm

Let's Pray!
Christians need to pray for those trapped in lands misruled
by 666 dictators.
Pray that these people would be set free.

Political 666misrule may also result in poverty.
Pray that God would meet the needs of the people trapped
in these lands.

Christianity is a forbidden religion in many 666dictatorships.
Pray that God would free and protect 888believers in these
lands.

Christians have seen, dictators also have been known to start
wars.
Pray that the lands bordering such countries may be protected
from aggression.

Let us also pray for the salvation of the 666dictators
themselves. In Daniel 4:37, we see the humbled dictator
Nebuchadnezzar praising God.

Pray to God will help and reform dictators in today's world.
Along that same line, let's pray for God to depose those -
666 whose hearts will never bend to His will.
The atrocities against Christians - continue to this day!
History often repeat itself -

Please join and let us all Pray -
Pray Unto Pater GOD For All!

Holy New Martyrs, and
Confessors Of Holy Christian Faith,
Pray Unto GOD For Us!
http://www.888c.com/
GLORY BE TO GOD FOR ALL -

http://investorshub.advfn.com/boards/board.asp?board_id=9826
Thanks Father for the bread to all today -
Amen

[mick]

hi opida, nice comments. i like them.

[02opida]

Change taking place >

> More are renting

> More are Down sizing

> Some are even Up Sizing

> Some ares from East to West & North to South

it's BUILD BUILD BUILD as others are

in the SLOW DOWN in BUILDING area

> pools are still a good seller

>

[02opida]

This is Good News > NEW YORK (Reuters) - Wells Fargo & Co., (NYSE:WFC - News) the fifth-largest U.S. bank, on Monday said it stopped offering a popular subprime mortgage product in response to market and regulatory pressure.


The company in an e-mail said it ended on Friday retail offerings of so-called 2/28 loans, which at 65 percent of all subprime mortgages last year are the staple of the industry. Payments on 2/28 adjustable-rate mortgages (ARM) are based on rates that are fixed for two years and then are adjusted twice a year for the remaining 28, if the loan is not refinanced.

Decisions were partly driven by the $583 billion market for subprime mortgage bonds, where sales rely on opinions of rating companies such as Moody's Investors Service, Wells Fargo said. Rating companies in the past two weeks have unleashed a flood of downgrades on subprime bonds in response to rising delinquencies and increased their assumptions of losses that new loans will produce.

"These changes are being made to align our practices with industry guidance, as well as appropriately respond to recent downgrades by key ratings agencies regarding subprime bonds," the San Francisco-based bank said in a statement. Wells Fargo Home Mortgage is in Des Moines, Iowa.

Other big lenders including Countrywide Financial Corp. (NYSE:CFC - News), Washington Mutual Inc. (NYSE:WM - News), Merrill Lynch & Co.'s (NYSE:MER - News) First Franklin and H&R Block Inc.'s (NYSE:HRB - News) Option One Mortgage have also said they would stop making 2/28s.

Wells' is one of the starkest illustrations of tightening credit conditions following increased mortgage delinquencies. Bonds backed by Wells Fargo loans are considered among the best in the subprime industry, although no lender has gone untouched as delinquencies rise and the persistent U.S. housing slump turns investors away from riskier debt.

The median cost to buy credit default swap (CDS) insurance on Wells Fargo subprime bonds has risen to $865,000 from about $275,000 at the end of May. That cost covers each $10 million in face value of the bonds, which are rated Baa3, and ranks CDS on the bank's bonds the third cheapest among 35 issuers followed by Deutsche Bank AG.

Similar insurance for Countrywide subprime bonds has risen to $1 million from about $410,000.

The demise of 2/28s at lenders also follows "guidance" from the Federal Reserve and four other regulators that urges banks to qualify borrowers based on the highest rate the loan could incur after it resets, instead of the lower, initial rate. By using only the lower rate, it was easier for home buyers to qualify.

Wells Fargo's retail or third-party lenders have also discontinued one-year ARMs and some 40/30 ARMs.

Wells Fargo this month said its second-quarter profit rose 9 percent to a record, as higher customer fees offset a decline in mortgage banking income and a jump in loan losses.