Current Housing Indicators |
| CURRENT | PREVIOUS | ||
| Existing Home Sales | 4.49m | ▼ | 4.74m |
| New Home Sales | 309,000 | ▼ | 344,000 |
| Housing Starts | 583,000 | ▲ | 477,000 |
| Building Permits | 547,000 | ▲ | 531,000 |
| HMI | 9 | UNCH | 9 |
| Existing Home Prices | $170,300 | ▼ (annually) | $199,800 |
| New Home Prices | $201,100 | ▼ (annually) | $232,400 |
More Videos
#DIANAOLICK ON TWITTER
- Under Pressure, FHA Skews to Wealthier Home Buyers
- Huge Spike in Home Prices Is Not Real
- Investor Caution: Beware of Heat in Distressed Housing
- Foreclosures Move East as Hardest-Hit Markets Clear
- Foreclosures Fall...And That's a Bad Thing?
- After a Dip, Homebuilder Sentiment Surges Again
- Obama’s ‘Responsible’ Reno Homeowners: Are They?
- Mortgage Market Still Hampers Housing Recovery
- Bank of America Offers Principal Reductions to 200,000 Homeowners
- Short Sales: Necessary Compromise or Scamming the System?
MOST SHARED
- Public Pensions Faulted for Bets on Rosy Returns
- Greece to Leave Euro Zone on June 18: Wealth Manager
- Banks Recapitalization Is a 'Necessary Evil': Strategist
- Winemaking Lures the Wealthy, But Not With Profits
- Italy 2-Year Borrowing Costs at Peak Since December
- Euro Rallies as Greece's Pro-Bailout Parties Gain Favor
- European Firms Plan for Greek Unrest and Euro Exit
- Will the Euro Misery Give Rise to Another Soros?
- Olive Oil Price Dip Adds to European Woes
- Europe’s Stronger Powers Must Reveal Plans: Ex-BoE Official
- A New Look at the ‘New Poor’
- Six Pack: Beer Buzz of the Week
- Greek Exit Could Trigger 50% Fall in Euro Stocks: Analyst
- Under Pressure, FHA Skews to Wealthier Home Buyers
- Big Stock Upside for Hudson City Deal: Analyst
- 5 High-Yield Stocks Ready to Boost Dividends
- Yoshikami: Four Things You Need to Know About Gold Now
- Steinbock: The Euro Zone Endgame Begins
- Option Bulls Take Another Shot on Idenix
- European Companies Plan for Greek Unrest and Euro Exit
- Public Pensions Faulted for Bets on Rosy Returns
- Will the Euro Misery Give Rise to Another Soros?
- Greece to Leave Euro Zone on June 18: Wealth Manager
- Italy 2-Year Borrowing Costs at Peak Since December
- Euro Bond Wins Supporters, but Details Remain Vague
- German, UK Bond Yields Will Go Even Lower
- Labor Board Member Resigns Over Leak to GOP Allies
- Banks Recapitalization Is a 'Necessary Evil': Strategist
RSS FEED
Realty Check
Text Size 
Bankruptcy Cram Down Dead For Now
 |
Jonathan D. Colman |
One insider very close to the process on the Hill tells me, "If you asked me four months ago, I would have said cram down was a lock."
But apparently three things happened:
First, despite President Obama's endorsement of the idea during his campaign and his adding the proposal to his overall housing rescue plan once he was in office, the administration did not really get behind it. My source tells me, "privately Treasury officials have not been enthusiastic."
Secondly, moderate democrats along with the GOP never really had their concerns addressed, and "they use the pending implementation of the Obama loan mod plan as an excuse to defer action," says my source.
Thirdly, the financial sector mounted a really strong lobbying campaign, not to mention the Mortgage Bankers Association, which has a good deal of clout 'round these parts, and the U.S. Chamber of Commerce, which sent a letter to every member of the Senate yesterday, urging each to reject the bill.
Senator Chuck Schumer (D-NY) was quoted today saying, "We'll try again," but I wonder. In the end, the bill was so narrowed to the point that only borrowers already in foreclosure who were unable to get any kind of modification under the Obama Make Home Affordable Program, could be eligible. And then there's the fact that many many many Americans (many of them writing into the blog) are really sick of government spending more money, bailing out lenders, increasing bureaucracy and syphoning easier/cheap credit to borrowers who might not be deserving of it...all at the expense of responsible bill-paying consumers.
Of course, if the government and private sector loan modification plans don't produce positive results, and foreclosures continue to rise, it may be back.
Check out these great Real-Estate Specials on CNBC.com
- Slideshow: 10 Most Affordable Metro Areas
- Slideshow: The World's Most Expensive Real Estate Markets
- Slideshow: 10 Highest Homeowner Vacancy Rates
- Slideshow: 10 Highest Rental Vacancy Rates for Metro Areas
- Slideshow: 10 Most Popular Relocation Cities
Questions? Comments?
Data is a real-time snapshot *Data is delayed at least 15 minutes
