HVCC and Bond News

[Mystery man3]

Dole Admendment

Does this kill the HVCC?

 

[hovious]

The passage of this amendment, more than likely, will eliminate the HVCC as OFHEO will now be the main "man" not Cuomo and the HVCC. Am I correct in this line of thinking? I have a headache trying to keep up with all of this stuff!

 

[elviscostello]

No I dont think so, but I think it will take control of the HVCC away from the AG and changes will be made. I hope so.

 

[hovious]

What this does is that it puts OFHEO in complete control of this whole issue. Whatever Fannie, Freddie and Cuomo did or want to do will not really hold any water from here on out. OFHEO will call the shots. That is how I read this development.

 

[Couch Potato]

Of particular interest in this election year, is that there were only eight non-voting members of the Senate. Can you guess who two of the non-voting Senators were on this important issue? That's right! Sen. John McCain [R] of AZ and Sen. Barack Obama [D] of Illinois!

Sen. John McCain [R] of AZ was campaigning in Nevada today and Sen. Barack Obama [D] of Illinois was campaigning in Indiana today. It is kind of hard to vote on a bill when you are not there. If the votes on any of the bills currently being considered were remotely close, they would be there for the votes. As it is, there is not much point.

It should be noted that H.R.3221 has not yet been passed. It will be by a wide margin, but it is being held up by the junior senator from NV, John Ensign. He is being an *** about getting a vote on his amendment. In the end there will not be a vote on his amendment, but he will force everyone to work on into the weekend to get through all the "hoops." If you live in NV you should really think twice before reelecting that jerk.

 

[Elliott]

The cloture vote said 'something' cause its kind of a sympathy test vote,
inspite of speakers who make the latest foreclosure stats sound like the
world is coming to end, the only way Dodd will go forward is if everybody
gets what they want in this bill (plus a lot of stupid stuff)....and if it
does pass, then it goes to conference, the house version doesn't have
bonding (I assume), so that will either be eliminated (if 100 appraisers
contacted 100 of their US Congressman, it would be), or it will be
compromised to 1/2 of 1% of 4%, or something stupid like that.

Bush could veto it, then it would have to be more like the original House
version to get passed with a 2/3rds vote. Dodd is trying to slip through
a Christmas tree, I don't think Bush wants him to have his Big day.

 

[John Hassler]

Just to to you know one percent of $200,000 is $2000.

Your math skills are excellent!

OP's post: "The cost of such a bond for appraisers would be 1% of the aggregate value of all homes appraised. Estimates for the cost of such a bond are between $10,000 and $40,000 per year for appraisers."

Based on the above, they anticipate the aggregate annual value of all homes by an appraiser at $1,000,000 to $4,000,000 which seems very very low. That would be a slow to average week here.

 

[panappr]

Could handle the yearly fee but 400k to 500k in assests too. That would put me out of business. Haven't see that anywhere though. Where did you get that info?

Maybe I will have subprime loan officer help me prove my assests. LOL

I spoke to Liability Administrators who said bonding is also determined on your credit worthiness. In California you should bank your prescription to total 1.5%.

 

[Couch Potato]

The cloture vote said 'something' cause its kind of a sympathy test vote,
inspite of speakers who make the latest foreclosure stats sound like the
world is coming to end, the only way Dodd will go forward is if everybody
gets what they want in this bill (plus a lot of stupid stuff)....and if it
does pass, then it goes to conference, the house version doesn't have
bonding (I assume), so that will either be eliminated (if 100 appraisers
contacted 100 of their US Congressman, it would be), or it will be
compromised to 1/2 of 1% of 4%, or something stupid like that.

Bush could veto it, then it would have to be more like the original House
version to get passed with a 2/3rds vote. Dodd is trying to slip through
a Christmas tree, I don't think Bush wants him to have his Big day.

Actually the bill as it is currently being considered is the result of the house/senate conference committee. Once passed by the senate, it will very quickly go to the president's desk for signature. (The senate is not putting anything new in the bill without the approval of the house. That is what is taking so long. The amendment the jerk from NV wants to add does not meet house approval and would eliminate the veto proof majority in congress.) Given that it has support of 80% of congress, a veto is unlikely.

 

[Elliott]

CP said, Given that it has support of 80% of congress, a veto is unlikely.

So your saying the 'committee' version of the bill already has 'bonding' in it?
I don't recall that the House version had the $300 billion bailout in it. I
can only hope there are a few stedfast Republicans who will stall it.

In other news,

House GOP Leader Wants Countrywide Probe

By Jesse A. Hamilton on June 25, 2008 1:19 PM | Permalink | Comments (0)

Rep. John Boehner, the Republican leader of the House of Representatives, jumped into the pack of members demanding Rep. Barney Frank, chairman of the House finance committee, call for a hearing to look into the Countrywide Financial Corp.'s VIP program that benefited the mortgages of members of Congress (including Sen. Chris Dodd.)
They want Frank's committee to look into the matter before slamming home the pending housing bill (though Frank, Dodd and the other major voices on the housing bill are inches away from finishing the months-long effort.)
"Democrats who receive sweetheart deals from their campaign contributors shouldn't be pushing legislation forcing taxpayers to bankroll a $300 billion bailout of scam artists and speculators, and the American people have every right to demand answers if they do," Boehner said in a statement today.
He said, "Chairman Frank and Speaker Pelosi should begin immediate hearings to examine the special 'VIP' housing perks that Countrywide gave powerful congressional Democrats at the same time it was hiking mortgage rates on American families. I am also concerned by news reports suggesting that banks wrote the bailout provisions of this bill to allow them to 'cherry-pick' the mortgages that are least likely to be repaid and dump the debt on taxpayers."
Minority Leader Boehner wanted to be associated with the similar sentiments of a recent letter to Frank from a number of House members. (When he referred to banks writing portions of the housing bill, he was talking about a Washington Post story today.)