Like many Americans, today I watched as President Obama took the oath of office and I listened carefully to the words he chose to mark the occasion. I spent the inauguration hour at my kid’s school and watched the ceremonies with my wife in our eldest’s second grade classroom. It just seemed the right setting to witness this bit of history.
Yesterday, Citigroup came forward in a deal with Senate leaders to support legislation that would allow bankruptcy judges to alter home loans in an effort to prevent foreclosures. Other lenders are expected to follow. The so-called “cramdown” proposal has been kicked around for a while now but has not yet made its way into law. It appears as if the legislation to make this change will find its way into President Elect Obama’s stimulus package and may become law soon.
Posted in Barack Obama | Also tagged Add new tag, Barack Obama, Ben Pargman, Citi Group, Real Estate, Short Sale Breakthrough, Short Sale Laws, Short Sale Regulation, Short Sales California, Short Sales Florida, Short Sales Training |
Yesterday, Citigroup came forward in a deal with Senate leaders to support legislation that would allow bankruptcy judges to alter home loans in an effort to prevent foreclosures. Other lenders are expected to follow. The so-called “cramdown” proposal has been kicked around for a while now but has not yet made its way into law. It appears as if the legislation to make this change will find its way into President Elect Obama’s stimulus package and may become law soon.
Stephen Covey says “seek first to understand, then to be understood.” This principle governs my team meetings with my staff where we always open with a sharing of: What are the Banks Saying Right Now?
From this week’s economic catastrophe news headlines: Lehman Brothers files bankruptcy, the US taxpayers bailout AIG, and Bank of America buys Merrill Lynch. And of course that’s just on the heels of the government’s takeover of Fannie and Freddie. What does all the chaos mean for your Short Sales?
Posted in Bailout | Tagged Short Sales |
Some investors have whined that this will “take Short Sales away from us”. Grow up and stop whining. There are close to 3 Million expected foreclosures coming down the pipeline and this new program is expected to at most help about 400,000 of them. The short-refinances will only apply to owner occupied houses where the seller wants to stay in the house and can demonstrate the ability to make payments going forward – these shouldn’t be the people you are talking to anyway.
Posted in Bailout | Also tagged Real Estate |
WOW!!! Lot’s of exciting things to write about this week. Many of you have written wondering where I was last week. I was not writing here, but we were going non-stop from early morning to late at night at The Live Short Sale Breakthrough Event. There is a lot I want to tell you about – it was an amazing experience . . . great deals . . . great ideas . . . great people . . . and, yes – great Breakthroughs. I’ll tell you more about Breakthrough later, but first, there has been a lot of action in Congress today that you should know about.
