[Hedwig]

I'm waiting a while, I don't think financials have hit bottom yet. In another year or so I might invest in some of the banks.

[no1healey]

While the posters are correct there are much bigger issues at stake..Social - Economic
factors that effect every working American.. In the 1980,s I supported a family
and was able to purchase a home..(barely) Wages here in the northewst have not kept
up and there is no way I could even think of purchasing o home today.Saving for a home today would mean living in a shelter to save ...Currently I work 60-70 hours a week
and you have read my posts...Its not good now. With current wages I need 100 hours
to be able to save and get ahead...Not even reasonable...And when you get over 50
there IS discrimination...Never open but there...Ask Mrs Spell Check..4 years of rejection letters and very skilled/educated.
So with "outscourcing" ,NAFTA, Import-export deficits,illlegal imigration,even fuel costs
affect every American and their ability to earn the mortgage. The bigger picture
needs to be seen with regards to mortgage failures..(how many noticed the timing of BK overhaul and the rise of fuel prices..they are connected)
Lastly Heddy we know adversity creates character and the fire many of us goe thru
educates and tempers us..Is that strength not worth it? Those who get help
to bail out from big brother will only learn.... how to do just that. How many can take pride in that accomplishment.. Food for thought...

[Pale Rider]

I always find it interesting that these type articles never reflect the conditions in my area. Housing and construction are booming here.

[no1healey]

I have noticed that Timber rescources seem to be the first in and the last out of economic slumps. The northwest rural communitys seem to feel the pinch harder
than other regions. Why we dont diversify is probably politics.. Oregon has had a long
history of antibusiness and is very expensive to start any thing new. Our current Gov.
would rather turn the state into a national park than seek economic gains. The state gave huge incentaves to some large modern computer giants only to fizzle out.
We are truly undergoing economic upheavals from the "endangered specis act" of the 1980,s.
Our new deal or retraining timber workers is to build RV,s or boats...at a much lower wage..Both are effected by higher fuel prices....
Maybe the reason other posters dont seem to feel the fuel price connection is we travel large distances to play,work,and experience the vastness of the west.
We will not believe we are bottomed out in the housing slump untill fuel prices put money back in the consumers pockets.

[Hedwig]

Originally Posted by no1healey

Why we dont diversify is probably politics.. Oregon has had a long
history of antibusiness and is very expensive to start any thing new. Our current Gov.
would rather turn the state into a national park than seek economic gains.

Then the first thing I would think about doing would be to get out of there and move to someplace that has work and is favorable to employers.

If you're a trucker, there are many industries that need drivers, both local and long distance. But it might require a move. Or maybe you work for a company not where you live.

I know several people that make good money hauling. Since fuel prices increased, the rate they get per mile if they are owner-operator contracting to the businesses has increased.

You have to be willing to go where the work is. When you do, you may find that you are able to enjoy more of life and can travel to other places to play.

[roybean]

Mortgage relief plan falling short - Mortgage Mess - MSNBC.com

[Loan Doctor]

I did not know anything about the HOPE alliance, sounds like it is a great idea that probably won't work very well.

The program that does seem to work about 1/2 of the time is the FHA Secure program. The problem with that program is that in declining markets where there is a 1st and 2nd, the investor holding the 2nd has to agree to change the CLTV (combined Loan to value-adding up the first and the second to figure out what percentage of the value of the home the loan/s are) from 100% to 125%.

If it is not a declining market and the borrower has a conventional ARM it can work. The borrower can not have a late payment prior to the reset of the interest rate. They don't have to be or have been late however.

If any government program is going to help the situation, it will be FHA. They are willing to lend the standard program amount in declining markets. I feel that they will be raising the UFMIP (Up Front Mortgage Insurance Premium) from 1.5% of the loan to something like 2% that is charged on Reverse Mortgages.

Otherwise, for conventional loans, where someone with good credit was approved for 95% in a regular market, they are now only qualified for 90%.

Charles