“Our lives begin to end the day we become silent about things that matter.”
–Dr. Martin Luther King, Jr.
I am taking a break today from the normal rate commentary given that US investment markets are closed in observance of the Reverend Dr. Martin Luther King, Jr. national holiday observance. Nevertheless there are many things going on in our world that matter. So we continue to lend our voice to call for progress that will improve the lives of American citizens by creating an economy that supports the goals of hard work, fairness and peace.
Homeownership is such a tool that can promote the best of what American society has to offer. Consequently, we call upon Congress to put aside partisan differences and finish the job of remaking the US housing finance system to remove risk for consumers and taxpayers alike without eliminating the ability of the free market to extend opportunities through innovation and competition. All people are different and the system created should acknowledge those differences and create a path to homeownership that is demanding yes, but not so demanding as to be unattainable.
We urge Congress to encourage savings through the tax code. Homeownership should be, and will be, impossible in the future without a reasonable down payment from homebuyers that serves as an indication of a willingness to plan and sacrifice for the benefits that homeownership affords. Moreover given our aging population, savings and homeownership are crucial to support the financial needs of Americans in retirement.
Politics has led to a virtual stalemate as it relates to housing policy and that is sad. Lives and lifetime savings have been, and continue to be, destroyed as the housing crisis and the economic crisis it brought about continue. We know risks needs to be reduced. We know government’s role needs to be clarified and reduced. We know that homeownership is a privilege and not a right—but a privilege that shout be supported and encouraged.
My reading of Dr. King’s writings and speeches teaches me that he would have spoken up and told the powers that be in Congress and the White House that they have not done what is required of them relative to their high office. He would chastise them for failure to put aside differences based on personal feelings while millions suffer. He would state clearly the damage done to individual lives and families by failure to act. He would demand immediate action but would do so by appealing to the better angels of mankind.
“Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.”
–Dr. Martin Luther King, Jr.
About 100 chanting union protesters burst into a mortgage banking conference in Washington, DC, yesterday, briefly shutting it down and taking over the stage.
Republicans taking over the House of Representatives seem to be backing away from their pledge to overhaul or privatize Fannie Mae and Freddie Mac. Earlier this year, Republicans backed a plan to eliminate the government’s ties to the mortgage giants and privatize them within five years if they were considered financially viable.
PITI
Do you use social media to connect with your mortgage lender? More borrowers are doing just that, says a survey by Fiserv, a financial services e-commerce company in Brookfield, WI.
the third quarter, the fifth consecutive quarter of profits. Still, thrifts continue to have difficulties. Many are troubled by bad mortgages and other kinds of loans, and high unemployment, a struggling 
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