Posted on 03/23/2009 3:57:35 PM PDT by Free ThinkerNY
Wow. He really is on drugs.
Actually, those who did “discriminated” in their lending practices are doing much better than the lenders who did not.
Wells Fargo is in better than average financial strength.
Wells Fargo did not WANT bail out money, but they were rather forcefully asked to take it.
Now, Wells Fargo is TRYING to give the bail out money back.
Wells Fargo has actually told off Barney Frank and Congress a few times, lately, I think that you should get off their backs.
$500 DOWN AND YOU'VE GOT A HOUSE, IF YOU CAN AFFORD ONE
Daily News of Los Angeles (CA) - Sunday, March 6, 2005
Author: GREGORY J. WILCOX
Freddie Mac has new loan products Mortgage giant Freddie Mac is touting a new duo of loan products that will help people buy a house with as little as $500 out of pocket, good news in markets like this one featuring record prices.
Called ``Home Possible Mortgages,’’ the package of loan products is targeted toward families and what the company terms key community workers - those in health care, cops, firefighters and teachers across the country.
The loans feature low or no-down payments and flexible credit-underwriting standards, components expected to help thousands of families with nest-egg issues or flawed credit to buy a house.
Freddie Mac ‘s goal is helping low-and moderate-income borrowers anywhere in the country get an affordable, low-cost conforming conventional mortgage.
The key word is conforming, which means there is a limit on how much can be borrowed. In California, the conforming limit for this year is $359,650, up from $337,700, said Leslie Appleton-Young, vice president and chief economist at the California Association of Realtors.
That's well below the median price in the state, Los Angeles County and the San Fernando Valley.
So using these tools might be harder here than other places. But it can be done if a buyer is willing to do a lot of looking, and maybe make some location compromises for ownership.
``They are really very important, but it varies depending on what community you are in. They are more attractive in the inland areas of the state,’’ Appleton-Young said.
Freddie Mac doesn't make the loans but buys them from its huge base of mortgage issuers, which includes all the major players in California.
David Stevens , Freddie Mac ‘s senior vice president of single-family sourcing, said the program has a basic goal: getting more lenders to say yes to more borrowers.
Freddie Mac ‘s products will complement those already in the marketplace.
``There are a multitude of affordable products done by banks or that Freddie Mac provided to lender partners,’’ Stevens said.
What's different is this program can be individually tailored to a buyers needs by lenders that use Freddie Mac ‘s Loan Prospector, an automated underwriting software.
``Tens of thousands of people in the mortgage business will have access to this product,’’ Stevens said.
(snip)
(no link)
New loans make deeper foray into affordability
Chicago Tribune (IL) - Sunday, February 20, 2005
Author: Lew Sichelman, United Feature Syndicate.
Flexible credit requirements, aggressive debt-to-income ratios and minimal borrower cash contributions are part of an entirely new suite of affordable lending products rolled out by one of the nation’s largest providers of mortgage money.
The loans will allow lenders to dig deeper into the pool of families who have good incomes from years on the job, but who have been unable to rub more than a few nickels together for a down payment and closing costs. And with some special features that can boost the buying power of community workers by nearly 25 percent, a greatly expanded group of law-enforcement personnel, firefighters, health-care workers and teachers should find the loans particularly appealing.
The products won’t be one-shot deals obtainable through only a handful of primary lenders. Rather, they will be available from any of the hundreds of mortgage bankers, banks and credit unions that do business with Freddie Mac .
Freddie Mac is one of the two financial institutions chartered by Congress to keep the money flowing from investors worldwide to the lenders in practically every city in America.
“This is a whole new, complete suite of products we never had before,” says Freddie Mac Vice President David Stevens . “It fills a lot of voids.”
One of the new offerings, “Home Possible,” should bridge the chasm between fanfare and fizzle. Typically, products are introduced with great fervor. But when consumers try to track them down, they can’t find them because they are available, often on an experimental basis, from just a few lenders.
But starting March 1, every lender that does business with Freddie Mac will be able to offer Home Possible. The company buys loans from more than 3,000 banks, credit unions, mortgage companies and other originators. “This will be a mass distribution to the entire marketplace,” Stevens promises. “It will be mainstreamed and it will be available everywhere.”
Moreover, lenders will be able to submit loan applications via Freddie ‘s automated underwriting system, so approvals should come in a matter of minutes rather than months. Only if an application is flagged by the computer will a human being enter the picture to make a final determination.
Generally, affordable products are designed for people who earn 80 percent or less of the median income for their area, leaving those who make more to fend for themselves in the open market.
Home Possible, on the other hand, targets folks who make up to 100 percent of median. “Anything below that is considered affordable,” the Freddie Mac executive says. If the house you are buying is located in an area designated as “underserved” by Uncle Sam, there is no income limit.
(snip)
Under. I’ll take 3 days, 2 hours for $50.
Okay, Freepers, help me crack this website. We may have the Tax Troubles at hand! Lots of David H. Stevens tax letters here.
http://www.library.umaine.edu/subjectPortal/acquisitions.aspx?subject=Maine+Resources&page=4
St. Docs T 23.2 C68/946-12 This letter, together with those which will follow in the next months, is being sent to you for your guidance and assistance ... / [David H. Stevens] Augusta, Me. : Maine Bureau of Taxation, 1946 ospc
St. Docs T 23.2 C68/946-4 The following decision of the law court which should interest every tax collector was apparently based on the fact that the collector made the mistake of including $1.20 of personal property taxes in his tax mortgage lien ... / [David H. Stevens] Augusta, Me. : Maine Bureau of Taxation, 1946 ospc
St. Docs T 23.2 C68/947-1 Last month, we discussed some ways in which poll and personal property taxes might be enforced, and covered in particular the subject of arrest ... / [David H. Stevens] Augusta, Me. : Maine Bureau of Taxation, 1947 ospc
St. Docs T 23.2 C68/947-2 At this time of year, tax collectors are beginning to think about enforcement of unpaid real estate taxes, or are already taking steps to enforce them ... / [David H. Stevens] Augusta, Me. : Maine Bureau of Taxation, 1947 ospc
St. Docs T 23.2 C68/947-3 For the past few years the state tax assessor has arranged a series of spring meetings with local assessors throughout the state, to discuss local assessment problems ... / [David H. Stevens] Augusta, Me. : Maine Bureau of Taxation, 1947 ospc
St. Docs T 23.2 C68/947-4 Several weeks ago, I wrote you calling attention to the fact that the spring meeting of the state tax assessor with the local assessors would be held at a later date than usual this year ... / [David H. Stevens] Augusta, Me. : Maine Bureau of Taxation, 1947 ospc
Anxiously awaiting the GOP firestorm sure to come from our elected officials. S/
Worse than that. The fox has been put in charge of all henhouse security in the U.S., and WE get to keep paying for it. The local news here (DC) reported him as a “former Long and Foster” executive, and I never heard TV news mention his Fannie Mae affiliation.
And the headline in the Washington Post was “Local real estate executive” to be named to whatever. The Wash Post still covering for BO long after the damage is done.
Great find! I sure hope this guy gets a good grilling and a possible block at his confirmation. Sounds like he is one of the main engineers of the whole sub-prime mess!
We should send your finds to the house republicans ASAP!
The links are ‘bad’. Probably some scrubbing going on.
Duly noted. The betting window closes at midnight eastern time tonight.
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