Ben Bernanke has given no hint that he would consider extending the program past March 31st, and in fact purchases have been steadily decreasing from $78 billion in November to $54 billion in December. The next conundrum is the end of the Federal Reserve's $1.25 trillion mortgage backed securities purchase program. Unfortunately, the credit expires just as the real spring season, and its potential embedded optimism, begins (April 30th), and that's not the half of it. The extension and expansion of the first time home buyer tax credit gave buyers breathing room to sit back and think about whether they really want to jump into this market now. First, the report goes into a little background on the housing situation. Washington, DC- Oregons Senator Jeff Merkley issued the. The three different options they detailed for principal forgiveness would all reduce the deficit slightly by avoiding defaults on mortgages and, consequently, Fannie and Freddie-incurred losses that would be greater than the cost of the writedown.
Look, we all knew it was coming home sales were spiked by several shots of government stimulus in the second half of 2009, and as that stimulus starts to wear off, sales activity has nowhere to go but down. Merkley: FHFA Principal Write-down Analysis Step in Right Direction. All it took was one bad home sales report (Pending Home Sales Index from the National Association of Realtors Tuesday) to turn the tide of sentiment from ebullient housing recovery to double dip doom.
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