Info on The Homeowner Affordability and Stability Plan

Let's hope the new government bailout plan for real estate market actually helps, most of what the government has done has not helped. I think there are a few basic steps that would help:

1. Get short sales approved or rejected in 21 days or less. Right now we have gotten approval on 90% of our short sales, but it takes 90 days or more. Most of the time the buyer has already bought another home by the time the approval comes.
2. Use the Tarp money to buy "toxic" notes on the secondary market, at market value. Sort them, sell the good ones, do loan modifications on the bad ones, keep owners as tenants in others, sell pools of "to be foreclosed" for market value. GET THE TARP FUNDS BACK WITH A PROFIT!
3. Actually if 1 and 2 are done right, that is all it will take. Since demand on the "toxic" notes will free up the credit crunch, then money will be available for business again. Plus, this would cause interest rates to go down.
Approving the Short Sales would make inventory turn more quickly creating buy signs in statistics of the market. Lower interest rates, quick responses on short sales and a large amount of loan modifications or owner tenants would increase demand and lower supply at the same time. If that happens, we run out of houses and have to build again. If we start building again, then people will get hired to do the building, supply the goods and we would need to fill those new homes with new furniture, lights, plumbing fixtures etc...
Barack are you listening to me??? This is easier than everyone thinks! Just Do It!

Just my opinion...Jeff Cameron
Below is information about the new housing bailout

The Homeowner Affordability and Stability Plan, includes both a modification program for at-risk borrowers and refinance initiative for Fannie Mae and Freddie Mac borrowers who are current on their mortgage payments.
The program is categorized into 3 parts and is a combination of refinancing those borrowers who are current but not able to refinance because of falling home prices, more aggressive modification program policies for those who need assistance and can’t afford their current loans but want to stay in their homes, and added assistance to keep long term interest rates low through building confidence in the GSE’s (Fannie Mae/Freddie Mac).
Homeowner Affordability and Stability Plan
1. Refinancing for Responsible Homeowners Suffering From Falling Home Prices
2. A Comprehensive $75 Billion Homeowner Stability Initiative which includes…
· A Loan Modification Plan To Reach 3 to 4 Million Homeowners
o Shared Effort with Lenders to Reduce Interest Payments
o Incentives to Servicers and Borrowers
· Clear and Consistent Guidelines for Loan Modifications
· Required Participation By Financial Stability Plan Participants
· Modifications of Home Mortgages During Bankruptcy
· Strengthen Hope for Homeowners and Other FHA Loan Programs
· Support Local Communities and Help Displaced Renters
3. Support Low Mortgage Rates by Strengthening Confidence in Fannie Mae and Freddie Mac