Posts Tagged “foreclosure”
Despite the growing chorus of Democratic lawmakers calling for a nationwide moratorium on foreclosures, the Obama administration is opposed to a freeze.
David Axelrod, Obama’s top adviser, went on CBS’s “Face the Nation” program on Sunday and announced the administration’s positions. Basically following the same line as the Wall Street Journal editorial page — that the foreclosure crisis is just some meaningless paperwork screw-up — Axelrod emphasized the need to provide certainty to the housing market and to get the foreclosure mills up and running again “very, very quickly.”
Yves Smith at Naked Capitalism provides the exchange.
Bob Schieffer: I guess the first question I would have is does the administration favor some kind of national moratorium on these foreclosures to get this all sorted out? David Axelrod: First of all, Bob, it is a serious problem. It’s thrown a lot of uncertainty into the housing market that as you know is already fragile. It’s bad for the housing market and it’s bad for these institutions, which is why they’re scrambling now to go back through their documentation for all of this as they should. The president was concerned enough to veto a bill that came to him last Thursday that would have unintentionally made it perhaps easier to make mistakes. So we are concerned. We’re working with these institutions. I’m not sure about a national moratorium because there are, in fact, valid foreclosures that probably should go forward and where the documentation and paperwork is proper. But we are working closely with these institutions to make sure that they expedite the process of going back and reconstructing these and throwing out those that don’t work. Bob Schieffer: I mean, I guess people are worried about what do you think the impact this is going to have on an economy that’s pretty shaky right now? David Axelrod: Look, our hope is is that this moves rapidly and that this gets unwound very, very quickly, and that if they can go back, reconstruct their paperwork, and what we’ve stressed to them is that they need to expedite that process and work very, very quickly to get it done. We’re going to continue to push for that.
Smith finds this “astonishing.”
Axelrod repeatedly stresses the need to get “this” resolved quickly. Notice the refusal to use accurate and honest language: at best, these are improprieties, but the more accurate word is fraud. The emphasis is NOT on doing things correctly, but on the need for haste. Yes, there is what amounts to an aside on the need to have “proper” paperwork, but that is more an assertion that some foreclosures aren’t afflicted by doubts over the securitization trust that supposedly owns the note, the borrower IOU, actually having taken the steps to prefect its rights. And this is simply a variant of the spin the banks have tried since the affidavit mess surfaced: that this is a mere “paperwork” problem.
www.cnbc.com
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 Moody’s Investors Service says it expects home price appreciation to be “soft” for the next couple of years. The company says there were 1.8 million more vacant homes sitting on the market than what is considered the norm
at the end of the second quarter. According to Moody’s, this imbalance of supply-and-demand, particularly in light of the steep falloff in home sales post-tax credit, means the home price correction is not yet over.
The credit ratings agency explained that the increase in excess housing supply reflects the rise in homes that lenders are repossessing now that many of the distressed borrowers who failed to qualify for the Home Affordable Modification Program (HAMP) or an alternate modification are going through the foreclosure process.
Repossessions by banks hit a record high in the first half of this year, according to data from RealtyTrac. Many of these homes are ending up in the tally of excess housing stock, and Moody’s says as lenders push these units off their balance sheets, house prices will fall.
“The increase in excess supply indicates that the market still has a substantial number of unwanted homes to work
through…. Indeed, it will not be until 2012 that demand and supply conditions are balanced enough to drive price appreciation that matches the pace of inflation,” Moody’s said in a research note released Monday.
Based on Moody’s estimates of Census data, the share of vacant homes averaged 6 percent of total housing stock over the past 20 years. The number of empty homes reached a record 7.7 percent reached in the second quarter, which implies the 1.8 million unit excess, the ratings agency explained.
That’s up from the first quarter’s 1.7 million estimated excess. According to Celia Chen, senior director for Moody’s Economy.com, the increase is “small, but disturbing and suggests that the market still has much healing to do.”
Moody’s cautions that it will take some time to work through the excess housing – a weak job recovery and tight underwriting standards, combined with the large number of households with impaired credit, will constrain the demand for owning a home. Nonetheless, the company’s analysts say the imbalance will self-correct.
“Under our baseline outlook of an economy that recovers weakly over the next several quarters, the demand for homeownership will increase as more jobs help more people move into their own homes. Concurrently, the homebuilding industry will continue to put up homes at a below trend pace, constrained by financing difficulties. These forces will help soak up excess housing units by the end of 2012,” Moody’s said.
In the meantime, the ratings agency says the lingering excess supply will weigh on house price appreciation until supply and demand conditions are better balanced. Moody’s expects the national house price index to bottom early next year, but price appreciation to remain weak for the next couple of years.
www.dsnews.com
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