Comments on: Relief Ahead For Troubled Areas of the Housing Market? If This Law Passes, Your $750K Home Could Cost You $500 Less Per Month

By: Median Prices & hyper-local trend watch | Marian S Bennett

Median Prices & hyper-local trend watch | Marian S Bennett — Thu, 18 Feb 2010 23:35:33 +0000

[...] Blog mentor and friend Kevin Boer, 3 Oceans Real Estate, gives a detailed scenario of how this could change our monthly cas…… [...]

By: Bradford Murphy

Bradford Murphy — Wed, 12 Nov 2008 22:23:17 +0000

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By: San Mateo Coast current Median Home Prices | Coastal Real Estate and Lifestyles

Wed, 30 Jan 2008 17:53:27 +0000

[...] Blog mentor and friend Kevin Boer, 3 Oceans Real Estate, gives a detailed scenario of how this could change our monthly cas…… [...]

By: Chris Iverson, Realtor

Chris Iverson, Realtor — Fri, 25 Jan 2008 18:54:44 +0000

CORRECTION: There are two components, one covering loans to $625K, the other to $750K. Quoting the NY Times:

In a nod to the mortgage market problems, the plan would allow Fannie Mae and Freddie Mac, the government-sponsored mortgage-finance companies, to buy loans up to $625,500, from the current $417,000 limit. The Federal Housing Administration would be able to insure home loans of up to $725,000, from the current $362,000 ceiling.

The one-year increases would make it easier to obtain new mortgages or refinance loans in expensive markets.

By: Chris Iverson, Realtor

Chris Iverson, Realtor — Fri, 25 Jan 2008 18:44:33 +0000

Kevin and Brian -
Sadly, I share your cynicism. While I’m sure the Senate and W. will jump on the bailout bandwagon, I assume there is a caveat in the bill about buyers needing to have a down payment or something. One of the issues with the current crisis is that borrowers have been able to get loans without putting in any of their own money (skin in the game). That makes it easy to walk away when the going gets tough.

BTW – The Wall Street Journal reports that the upper limit being proposed is up to $729K, not the $625K that Kevin used in his calculations. That means more money for BMW payments, maybe even a Jag!

By: Kevin Boer

Kevin Boer — Fri, 25 Jan 2008 16:53:01 +0000

We sure do love our cars, and if I’m not mistaken we’re actually trying to disassemble some of our WPA-era dams!

Still, this whole thing has the feeling of delaying the inevitable — bad mortgages coming home to roost — and sticking Mr. and Ms. Taxpayer with the bill.

But, hey, gotta run — wanna check out those latest 2008 models at the local BMW dealership.

By: Brian Brady

Brian Brady — Fri, 25 Jan 2008 06:05:16 +0000

Well, I’m biased (as I think you are) because I’m in California. I think this is more about the fiscal stimulus package.

Bernanke went to Congress, hat in hand, last wekk, and said, “I’m almost out of trump cards on the M1 front. Consider a stimulus”. Congress could have:

a- resurrected the WPA and built a dam or two
b- upped loan limits and hope that those Californians buy a car with their $500/month.

…and you know how we love our cars

By: Kevin Boer, Broker Owner, 3 Oceans Real Estate, Inc. (650.387.2860)

Kevin Boer, Broker Owner, 3 Oceans Real Estate, Inc. (650.387.2860) — Fri, 25 Jan 2008 05:25:49 +0000

Thanks Brian! I have to confess, I’m getting increasingly troubled by what smells like a bailout here. I want to think about it some more, but it seems this move may simply delay the inevitable, and transfer the bill for this mess from shareholders to taxpayers. Shades of “Savings and Loan Crisis?”

By: Brian Brady

Brian Brady — Fri, 25 Jan 2008 05:02:25 +0000

“Caveat: I am not a mortgage broker or banker.”

Disclosure noted. Still, you nailed it.