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From Fortune:Is this a great country or what? At the start of last year, a iefrnd of mine, the proprietor of a small business that has suffered badly in the recession, entered a trial mortgage-modification program. A few months later the bank told him that his application for a government-assisted refinancing rate had been turned down   his house was too far underwater. He had bought it during the boom for $220,000, putting down $30,000, and then spent another $45,000 doing it up. Now it's worth about $100,000. Once his monthly payments were set to go back up (his mortgage rate is 6.5%), my iefrnd stopped paying them and waited for the foreclosure and eviction notices to arrive. A year and a half later he is still inhabiting his own home and watching the mail.Whenever I hear somebody saying that growth is about to pick up, I think about my iefrnd and the roughly 11 million homeowners whose mortgages are worth more than their homes. Some of them are still making their monthly payments. Some, like my pal, are living for nothing. The drip-drip foreclosure crisis shows how, six years after the bursting of the real estate bubble, the U.S. residential real estate market is still a mess. And without a genuine revival in housing, it is hard to think we will ever get a self- sustaining recovery.Sure, the news that President Obama and the Republicans are talking about enlarging this year's payroll tax cut and extending unemployment benefits through 2012 is good news. The last thing the economy needs is a $250 billion hit to spending, which is what doing nothing would amount to. But where are the serious proposals to revive the housing market? It's as if both parties have agreed to drop the issue.Housing isn't just another industry: It's a driving force for the entire economy. Residential investment accounts for up to a quarter of overall capital investment. House prices have a big influence on consumer spending   for every $1,000 the value of his house falls, a homeowner tends to cut his outlays by about $50 or $60. And falling property tax revenues are decimating many towns and cities. How bad is it out there? New-home construction is running at less than a third of its pre-recession level; in August it fell again. Existing-home sales picked up a bit, but that was largely because of bottom-fishing investors who are betting prices can't go any lower. Let's hope they are right. Nationwide, according to the S P/Case-Shiller index, prices are down 6% over the past year and down 32% since the first quarter of 2006.I'm not saying that fixing the housing market is easy. If it were, somebody would have done it. But to begin with, we could make the much-maligned Home Affordable Refinancing Program (HAMP) work better. Generally, anybody who is current on payments and whose home is worth at least 80% of the outstanding loan is eligible to participate. But many homeowners have been put off by the red tape and by additional charges that Fannie Mae and Freddie Mac, which ultimately own or insure many of the mortgages, have imposed on applicants.

Gary,  I see the flaws in what you suggest.  From what you have irtwten, it seems you may take care of your own business, but you are behind on day to day guideline changes for the wide variety of loan packages and options out there.  I  don't know who  you knew  who got loans with bad credit and late payments on their records in the past few years.  Nor do I know if you know the specifics of their lender, the package or the rates.  Your anecdotes can be countered by my own personal experiences  and I speak with lenders on guidelines and changes with workday regularity.   FHA's and most ethical lenders have not been allowing any late payments for any credit accounts  in the past 12 since the criteria tightened after the crash.  Even homeowners wanting to do a buy and bail are subject to stricter criteria, and reserves in the bank,  than a borrower who does not currently own a home.  Because the banks have had Congress crack down on them, and Bernanke breathes down their necks for stress tests, they've gotten pretty demanding, and underwriters have become a nightmare. I'm well aware that banks sell the notes off in a few months.  They aren't in this business for a loss, and generally will only sell notes for less if they retain the more lucrative loan servicing contract.  Generally the private note purchasers want this money making part of the lending process themselves, since the interest payoff pales by comparison and the default risks are so high these days.    As I've consistently pointed out to you, the demand for securitized notes isn't exactly booming in the private financial institutions these days.  You seem to think banks have lots of choices of where to go with these loans.  This is far from the case.You seem focused on two things .  1:  That you get a break for loan criteria as an investor so you can buy more houses,  and want a 10% down program (can I assume your wish list includes no mortgage insurance for that amount too?) and2:  You want all investor loans not to be sold to the GSEs because you say you're trying to get the homes off the government books.  To the first, since investors had a high percentage of defaults  in the initial onslaught of the crash, as I have pointed out,  I sure as heck don't see *further* lowering of the 2009  investor criteria as wise risk management.  As demonstrated with the very optimistic APOD numbers above, the annual operating costs with such a high debt service is more likely than not a failure in the making  it's just a matter of time for vacancies and repairs to endanger the slim margin of income  even if you managed to make it.   The only way it (less equity investment)  was ever feasible was  with steady appreciation over a long period of time.  Thus the decades of flippers and fast buck makers were born with the double digit appreciation  not to hold real estate long term, but to turn it.  Since I don't believe we've hit bottom yet, and will have another bottoming out coming after a (hopefully) leveling, very little skin in the game is dangerous enough for home owners, let alone investors.  When the going gets tough, they'll dump a few properties and go with what they have left.  The homeowner is more seriously vested because it's the roof over his and his family's head.To the second, you  as a borrower  have no say in where that loan was sold.  If you're suggesting having all non-GSE qualified investors buy up all the shadow inventory, and the future foreclosures, you're also suggesting that we become a nation of renters, beholding to investor elite as that price.  And since most investors tend to resell (and it sounds like you do that as well), it is most likely to end up right back on the government books  but allowed you to make a small amount in the interim.Now I'm quite done with this subject because it feels too much like work.  :0)   So you may have your thread back  tho I don't see anyone chiming in here with a  yeah!  Great idea, Gary! .   You might want to think about why that is .  I'd say that Donald Bly nailed it on his simple two comments.  Giving investors a lowered criteria perk is not only a bad solution, but leaves a sour taste in one's mouth..  And that may be why you haven't heard anyone talking about making the country a nation of renters  except Obama.Reply

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