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Obama $1 Trillion Mortgage Fix Rumor Pushing Bank Stocks
http://www.thestreet.com/story/11366791/1/obama-1-trillion-mort
NEW YORK (TheStreet) -- Bank stocks were reversing early losses and rising
Thursday afternoon, amid market chatter that President Obama might soon
announce a massive refinancing program that could help boost housing and the
economy in the election year.
A blog post by Jim Pethokoukis at the American Enterprise Institute appears
to be generating much excitement on Twitter, although it is little more than
a rumor at this point.
The article cites Jaret Seiberg of the Washington Research Group, who
expects the President to appoint a "housing advocate" to the Federal Housing
Finance Agency, the regulator and conservator of Fannie Mae and Freddie Mac
, in much the same way he appointed Richard Cordray to the Consumer
Financial Protection Bureau- by making the appointment during recess.
Seiberg believes that Obama will announce a mass refinancing program for
agency-backed mortgages that goes well beyond the HARP program once he makes
the appointment.
According to the article, the Obama administration could announce a program
modeled on one that was originally devised by Columbia University economists
Glenn Hubbard and Christopher Mayer. Under that plan, all homeowners with a
Fannie or Freddie-backed mortgage can refinance with a new mortgage at a
fixed rate of 4.2% or less if they have been current on their payments for
at least three months. And the clincher is that the plan imposes no other
qualification - no appraisal or income verification.
The typical borrower would reduce his or her principal and interest payments
by about $350 dollars, a total reduction in mortgage payments of nearly $
100 billion per year, according to Hubbard. It is expected to help refinance
$3.7 trillion in mortgages and would come at an immediate fixed cost of $
121 billion to the government.
http://www.thestreet.com/story/11366791/1/obama-1-trillion-mort
NEW YORK (TheStreet) -- Bank stocks were reversing early losses and rising
Thursday afternoon, amid market chatter that President Obama might soon
announce a massive refinancing program that could help boost housing and the
economy in the election year.
A blog post by Jim Pethokoukis at the American Enterprise Institute appears
to be generating much excitement on Twitter, although it is little more than
a rumor at this point.
The article cites Jaret Seiberg of the Washington Research Group, who
expects the President to appoint a "housing advocate" to the Federal Housing
Finance Agency, the regulator and conservator of Fannie Mae and Freddie Mac
, in much the same way he appointed Richard Cordray to the Consumer
Financial Protection Bureau- by making the appointment during recess.
Seiberg believes that Obama will announce a mass refinancing program for
agency-backed mortgages that goes well beyond the HARP program once he makes
the appointment.
According to the article, the Obama administration could announce a program
modeled on one that was originally devised by Columbia University economists
Glenn Hubbard and Christopher Mayer. Under that plan, all homeowners with a
Fannie or Freddie-backed mortgage can refinance with a new mortgage at a
fixed rate of 4.2% or less if they have been current on their payments for
at least three months. And the clincher is that the plan imposes no other
qualification - no appraisal or income verification.
The typical borrower would reduce his or her principal and interest payments
by about $350 dollars, a total reduction in mortgage payments of nearly $
100 billion per year, according to Hubbard. It is expected to help refinance
$3.7 trillion in mortgages and would come at an immediate fixed cost of $
121 billion to the government.
