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More Money Given Away! How and When Will They Ever Stop! Update March 1, 2010
BLOOMBERG NEWS:
The Obama administration announced Monday that borrowers with little or no equity in their homes will have another year to take advantage of a refinancing program that so far has made little progress.
The Home Affordable Refinance Program was set to expire in June, but so far it has reached fewer than 200,000 of the up to 5 million borrowers federal regulators hoped it would help.
Market conditions have not changed significantly since the program was launched last year, Edward DeMarco, acting director of the Federal Housing Finance Agency, said in a statement. So to give lenders more time to implement the plan and to "support and promote market stability," the initiative will be extended to June 2011, he said.
The program is aimed at the millions of borrowers whose home values have been diminished by a weak housing market, or who owe more than their houses are worth, making it impossible for them to take advantage of historically low mortgage rates. Originally, the program targeted borrowers whose loan balances were slightly higher than their property values. The program was later expanded to include those who owe up to 25 percent more than their homes are worth.
NEW YORK (CNNMoney.com) -- Democratic Senators Monday unveiled a $150 billion bill that pushes back the deadline to file for unemployment insurance until year-end and extends dozens of expiring corporate and personal tax credits.
The wide-ranging legislation, which could be voted on as soon as this week, would allow the jobless to apply for extended federal unemployment benefits and the COBRA health insurance subsidy through Dec. 31. It would also make the prevision retroactive to March 1, so the unemployed would not miss any payments.
Marc’s Notes:
As I said, more housing bailouts, more extensions. The next one to come is a reduction in mortgage balances. The free money from Washington never stops.
Here’s one for you. A friend of mine got the $8,000.00 house credit in a check after she bought a house, but actually got $8,131.00.
WHY?
The FEDS paid her INTEREST on money THEY GAVE HER! How they arrived at how much interest or how they calculated it is beyond me as the money was GIVEN to her. But if you assume the time in escrow, she got about 10 % on her “gift”.
WAY OVER MARKET rates and the money was a gift anyway.
Why the FEDS pay interest on FREE MONEY GIVEN TO HER is WAY, WAY, WAY beyond any sense, rhyme or reason. These guys are plain NUTS!
And did you know the State Department is building a $1 billion embassy in London, the most expensive ever built. Can you say INSANE?
These guys won’t stop until the US DOLLAR and our economy collapses,
entirely, in a grand blow up of epic proportions. Show me a reason to hope and I will. But I see increasing idiocy, foolhardiness and downright insanity being commonplace now in our Federal Government in their spending ways. We will see. Keep writing your representatives. Don’t give up. Keep calling, writing, telling your friends.
Markets:
Our buy on NATURAL GAS is now in and the clock is ticking. We gave a “gamblers” play to BUY UNG in the 8’s, GAZ in the 12’s.
We are looking for a 7 % (actually now 9 % pop) to SELL it. Long term holders wait until 2011 and hold until we get a 50 % move. This play however is a short term play and should be sold SOON. Use options or downright stock ownership but we look to get out on any strength for fast profits.
Gold looks strong for long term as well as silver but I am not adding any positions except physical metals right now. A steeper correction COULD materialize anytime so physical metal is the only thing I am adding at this time. Selling some coins? Call me.
The stock market is gyrating again and I suspect is building steam for a move down once again. It is making lower highs and lower lows but a break above 10,700 DOW could negate that theory. We will see. The US dollar is holding its own for now. Oil is going nowhere.
Upcoming Show:
This week is “INVESTMENTS”.
TOPIC: Where you should put your money in today’s market.
Thursday at noon. PST. KVMR FM 89.5 or 105.1 or worldwide at www.kvmr.org.
Consults:
Plowing through with those that pledged to the station for these.
Those wishing to consult do so now through the website. This fee will be increasing in one week so schedule now.
The Margarita dinner meal with me is available until the end of next week. Email me if you are interested. This is a sit down and order off the menu with all the margaritas you can drink. And they are STONG! This is a group event and not an individual consult but we should have a great time! Again, email me if interested. The cost is nominal.
All for now,
marc
