The Robbo Report

Resentment Grows Over Paying For Others' Foreclosure Misery · Comment

Fox News:  Michelle Fry is a suburban Atlanta homeowner who has seen the value of her modest one-family home drop by more than half in the past year. She now sees a national mortgage bailout plan that appears to reward people who bought more house than they could afford and can’t pay their bills. And she has a simple question for President Obama: “Why am I paying for them?”

Santelli's Shot Heard Around The World, And The World Reacts · Comment

CNBC’s Rick Santelli let his opinion be known about the Obama Housing Plan on the floor of the Chicago Mercantile Exchange and the traders around him on the floor voiced their opinions too…on live TV. The video can be seen on the video board above.
CNBC: POLL:Would You Join The Chicago Tea Party?
Now the world voices their opinion about the plan and the revolt:
Huffington Post:  Rick Santelli’s Revolution: CNBC Reporter Freaks Out, Wants To Be Che Guevara…(Editorial Warning: You will probably be dumber after reading this article)
CNBC: Europe Loves Santelli … at Least 50%
Rush Limbaugh: The Pulse of Revolution Has Begun
Seeking Alpha: The Best Five Minutes in CNBC History
CNBC: Santelli Gains Rockstar Status Online
Steve Liesman: “Seriously, shut up for a second Rick.”

U.S. Regulator Sees Future For Mortgage Insurers · Comment

Reuters: The main regulator for Fannie Mae (FNM.P) and Freddie Mac (FRE.P) on Thursday said he sees a future for mortgage insurance companies that underwrite many loans for the two mortgage finance giants.

Signs Of Success In Fed's Fannie, Freddie Programs · Comment

Reuters: With a third of the Federal Reserve’s $100 billion program to buy Fannie Mae, Freddie Mac and the Federal Home Loan Banks’ debt and more than a quarter of its $500 billion agency mortgage backed securities buys now completed, there are some signs of success.
Reuters: Fed buys $2.5 bln of agency debt

Don't Let Judges Tear Up Mortgage Contracts · Comment

Wall Street Journal: The nation faces a foreclosure crisis of historic proportions, and there is an understandable desire on the part of the federal government to “do something” to help. House Judiciary Chairman John Conyers’s bill, which is moving swiftly through Congress (and companion legislation introduced by Sen. Richard Durbin) would allow bankruptcy judges to modify home mortgages by reducing both the interest rate and principal amount on the loan. This would be a profound mistake.

Mortgage Help: Do You Qualify? · Comment

CNN: President Obama’s new real estate rescue plan offers two key possible benefits: More refinancing opportunities and greater chance for a loan modification.

Mortgage Applications Soar; Rates Drop · Comment

CNBC: Applications for U.S. home mortgages soared last week as fixed mortgage rates dropped below the key 5 percent level, as demand for refinancings surged, an industry group reported on Wednesday.

What To Do When Your Mortgage Is Rejected · Comment

CNBC: Don’t be surprised if your friendly lender, the one who invites you to sit down and apply for a mortgage, ushers you politely out the door empty-handed after you’ve chatted a bit.

Refinancing: The Trend And How to Begin · Comment

Fox Business: With refinancing rates at a 37-year low, it’s no wonder thousands of Americans are rushing to refinance their homes. Mortgage refinancing applications are up 25.6% this month alone, and are at their highest volume since 2003, according to the Mortgage Banker’s Association.

Lawmakers Turn Attention To Mortgage Fraud · Comment

Inman: As the government ramps up to spend trillions of dollars to revive the economy, loopholes in federal law and a shortage of FBI agents assigned to investigate white-collar crime could lead to a big payday for perpetrators of mortgage fraud and other schemes.

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