Social Networking

Hey Everyone!

You can now check-in with us at YourCreidtCompany.com at a whole bunch of different social networking sites!

Follow us and get the scoop on what we are doing at Twitter:
www.twitter.com/yourcreditcomp

Facebookers! Search for Kemper Matt

MySpace-a-holics!
www.myspace.com/yourcreditcompany

Soccial networking is a fun and exciting way to interact with one another, and if we can help and inform our new friends along the way...ALL THE BETTER!

Matt
YourCreditCompany.com

What Is The Priority?

I know I am barking up the same tree, or preaching to the choir, but here I go again (remember, this is coming from an X mortgage lender, turned conservative)...

I was reading this a.m. on the HUD web site about the allocation of more that $10 billion of funds being distributed to HUD from the Recovery Act. Well really, who wouldn’t be excited about that? When these government loans where given they were insured by the government. They insure these loans with Mortgage Insurance, which is required on government loans, and the home owner pays for it directly out of his own pocket. This insurance does not benefit the borrower, it benefits the servicer of the home loan. The government is now funding a bail out or recovery plan for these loans. Who will this money help and what houses will it recover?

The plan is said to modernize public housing and fund energy-efficient programs. Is this a primary concern at the present time? The Native American Housing Block Grant will receive $255 million, again to be used for energy efficient modernization. $100 million to be allocated for lead based paint and hazard reduction. Tax Credit Assistence Program coming in with $2.25 billion. The list goes on and on…

These grants will help “State Housing” to kick start affordable rental housing projects that rely on low housing tax credit, and a measly $2 billion to be allocated to help section 8 project-based housing contracts. ( Since this is were we are all heading anyway) Is this the primary concern of the public right now? Is this really creating stable communities when the owners are walking away from there home because they can longer afford to support their families?

Lead based paint or going green…is this a priority to anyone else except the politicians? When you can’t go home, does it matter that you can’t afford to go green? Green…I think we are all seeing red right now.

Renee
YourCreditCompany.com

Help The Consumer

Welcome Back!

This morning I found an article from the Associated Press stating...

"...the Federal Reserve Chairman Ben Bernanke has steadied Wall Street by telling Congress the recession might end this year. Bernanke predicted the economy is likely to keep contracting in the first six months of 2009. But he also said, "there is a reasonable prospect" the recession will end this year. He reports, and warns that a recovery will require getting credit and financial markets to operate normally."

What does this mean to the average consumer? The consumer's confidence spending index for February came in at 25 on a scale of 100. That is obviously well below expectations. These concerns attribute to unemployment rates on the rise, adjustable mortgages increasing, and the stock market remaining in an unstable position. The Home Owner Affordability and Stability Initiative has not been implemented. However, it will affect the consumers on many different levels. It is intended to keep people in their homes first and foremost. Further, it aims to lower monthly payments, thus it could change spending habits in a positive manner.

In an effort to get the credit and financial markets to operate normally the Treasury Department, the Federal Reserve, and other banking regulators said Monday that they could exercise an option to convert to government's stock in the banks from preferred shares to common shares upon results of a "stress test" of the banks the government has a stake in through TARP funds. The stress test will help the Treasury Department identify and weigh the toxic assets on the banks' books.

the President will address the U.S. congress this evening. It is important that all of us, as consumers, work to move forward and find solutions.

Renee Fogle
YourCreditCompany.com

What We are Watching

Welcome Back!

I hope everyone had a great weekend. This week we are looking at a couple topics that directly pertain to you or your friends' financial affairs.

First, Credit Cards always seem to be a hot topic. As they should be. It is not hard to find someone who has been broke, to use credit cards (in the interest of fairness there have been a significantly less number that have made a fortune because they maxed out their credit cards). The Senate Banking, Finance, and Urban Affairs Committee have been holding hearings examining the credit card industry. We will be following the hearings as well as any other events in this industry.
If you are looking for information on credit cards or a place to "shop" the best rates check out YourCreditCompany.com

Second, we are watching for more updates on the Homeowner Affordability and Stability Initiative. The U.S. Senate's Banking, Housing and Urban Affairs Committee is scheduled to hold hearings on the initiative on February 26, 2009 at 10:00am.

Check back soon, or better yet subscribe!

Matt Kemper
YourCreditCompany.com

Homeowner Affordability and Stability Plan

Homeowner Affordability and Stability Plan

To open, I should remind everyone that The Homeowner Affordability and Stability Plan is a proposed initiative. President Obama has set Wednesday March 4, 2009 as the day he would like it enacted. The Initiative is valued at approx. 75 billion dollars, intended to help homeowners that are currently or soon to be in danger of losing their home to foreclosure.

The Initiative will begin with 3-4 million “at risk” homeowners targeted. These homeowners have loans that are conforming and secured by Fannie Mae and Freddie Mac. The total Initiative’s goal is to help 7-9 million families save their homes. To achieve this Mr. Obama would like lenders to refinance loans or modify loans. In return, the government will give monetary incentives to the lenders as borrowers make payments on time. Additionally, the government intends to incentivize the homeowner for making payments on time.

Affected by the collapse of the housing market are a great many people. Housing lead us into this recession and many hope housing will lead us out. Mr. Obama’s Initiative seems to have that in mind. A major question that you should be considering over the nearly 2 weeks before this Initiative is enacted is: “How does the government define “at risk” or “responsible” homeowners? This will help you identify if you will qualify this Inititaitive.

I would like to close by pointing out two axioms of the real estate industry. First, all markets are local (do not look too closely at the nationwide scope). Second, real estate is a cyclical market. Every homeowner must endure down markets and enjoy up markets.

Stay tuned for more details!

Matt Kemper

www.YourCreditCompany.com

Welcome!

Welcome to the brand new Your Credit Company Blog!

This is our first venture into the blogoshpere, and we are looking forward to expanding our efforts to educate and inform. Educate and inform, two of our primary reasons for existing. We encourage you to check out our main web page http://www.yourcreditcompany.com/ to see what we can do for you.

We will be focusing on issues that surround the housing market in this blog. This is a broad range and this should keep us busy providing fresh new content. If there is another topic you would like for us to blog on, please let us know. We do not operate in a vacuum!

Our Mission...

...at YourCreditCompany.com is to provide you with the answers, solutions, and services you need to resolve with any credit-related issues. We also provide the information and resources to help you understand your options when facing financial decisions.

Our Commitment to you, who read this blog

We will not simply quote news articles. We will pull press releases from the original source. There will be no anonymous sources here. The author's name will appear on each post and the source will be cited for that post.

All authors will accept the possibility of being wrong, and make a correction, but we will accept no liability, and will give no advice. If you are reading a blog of this subject matter, I think we can all assume that you are astute enough to make your decisions and take responsibility for the subsequent result.

We look forward to all comments and remember that word of mouth is the best form of advertising. We strive to have each person tell 5 others about this blog.

Enjoy!

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Affordability and Stability Plan