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REALTOR Insider - New Administration Announces Financial Stability Plan
Wednesday, 18 February 2009

On February 10, 2009, Treasury Secretary Timothy Geithner announced broad outlines for the Obama Administration's Financial Stability Plan. Much more detail is needed. The Plan has 6 key elements:

1. Financial Stability Trust. After a bank "stress test" to assess a bank's condition, eligible banks may receive federal assistance to support their capital position, until the return of private capital investments. As NAR has urged in its Housing Stimulus Plan, federal funds will be conditioned on the bank increasing lending beyond what would have occurred otherwise.

2. Public-Private Investment Fund. This fund will be used to remove troubled assets from the books of banks and will seek to leverage public capital to leverage private capital for the program. The initial program level will be 0 billion, with potential growth to id="bd" class="narrow fs3" trillion. NAR supports retargeting the TARP program to get bad assets off the books of banks to enable them to make more loans.

3. Consumer and Business Lending under TALF. The Plan would expand the Term Asset-Backed Securities Loan Facility (TALF) to promote additional consumer and business lending. The current 0 billion program will be expanded to up to id="bd" class="narrow fs3" trillion and, as urged by NAR, will allow the Fed to accept commercial real estate mortgage loans as security for loans to lenders. The Treasury Department will continue to consult with the Federal Reserve on further expansion to other asset classes, including private residential mortgage backed securities.

4. Transparency and Accountability, Monitoring and Conditions. The entire program will require transparency, accountability, and conditions on the use of the assistance, requirements long-supported by NAR. Recipients must account for how they use every dollar received, including how many new loans are being provided and how many mortgaged-backed and asset-backed securities they have purchased. All recipients must commit to participating in mortgage foreclosure mitigation programs.

5. Housing Support and Foreclosure Prevention. The Administration has announced it is still developing a program to minimize foreclosures and restructure troubled mortgages, with details to follow soon. It plans include maintaining downward pressure on interest rates through the ongoing Fed program to purchase 0 billion of mortgage-backed securities (MBSs) of the government sponsored enterprises (GSEs), using billion to prevent foreclosures, and establishing national standards for loan modifications. NAR's Plan strongly supports lower interest rates to stabilize the housing markets and create a foundation for the economic recovery.

6. Small Business and Community Lending Initiative. The plan seeks to reverse the huge decline in Small Business Administration lending by unfreezing the secondary markets for small business loans.

Visit the Financial Stability Plan website
Q & A on the ,000 Tax Credit
Monday, 16 February 2009
GPBR President's Update
Thursday, 12 February 2009
ImageWelcome to 2009! Thank you for electing me to the Grosse Pointe Board of Directors, I am proud to be your President for 2009!

I am especially excited about 3 initiatives this year:

  1. Our new speakers series of educational sessions to help all of you earn more money starting with "Selling Forclosures" with Kent Colpaert. Please take advantage of these educational opportunities!  
2. Quarterly statistics to show what is "really" happening with Grosse Pointe real estate. Look for that soon.
3. Improving the GPBR website to make it more of a "destination" site for both GPBR members and the general public as well as a revenue generating source of income for our board.
 Below find an artical written by Kenneth Harney regarding the Real Estate Outlook for 2009...  [Click on the green "READ MORE" link below!]

As always, we welcome and value your suggestions!

Stay positive...

George Smale
President - 2009
Grosse Pointe Board of REALTORS

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