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| TIME | SPEAKER | TEXT |
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| 00:00:06 |
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WE'RE GOING TO TAKE YOU LIVE NEXT TO A FORUM ON HOME OWNERSHIP AND WE'LL HEAR FROM SHEILA BAIR WHO... |
| 00:00:27 |
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.. IMPOSSIBLE TO IMAGINE OUR WORK ON ASSET BUILDING AND SAVINGS AND FINANCIAL SERVICES WITHOUT THE... |
| 00:02:40 |
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THANK YOU, THAT WAS A KIND INTRODUCTION AND I DO INDEED SHARE THE PASSION OF THIS ORGANIZATION FOR... |
| 00:13:53 |
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THANK YOU SO MUCH, I WILL ASK A COUPLE OF QUESTIONS, TO GET US STARTED. AND THEN, WE'LL OPEN IT TO... |
| 00:14:43 |
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GREAT, OUR LOSS SHARING PROGRAM WE THINK IS DESIGNED TO ADDRESS ONE OF THE ISSUES THEY FREQUENTLY... |
| 00:16:25 |
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AND, SPEAKING OF INDYMAC YOU HAVE DONE A REALLY NICE JOB, THERE WERE A LOT OF MODIFICATIONS, MUCH... |
| 00:16:36 |
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RIGHT. |
| 00:16:38 |
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WHICH MEANS YOU HAVE LOANS THAT YOU CAN'T DO ANYTHING WITH AND YOU HAVE REO, AND WHAT ARE YOU DOING... |
| 00:16:45 |
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RIGHT. THAT IS A GOOD WELL, I THINK WE DO, THE STREAMLINE MODs IS -- THE BOOK OF THEM AND EVEN WHEN... |
| 00:18:03 |
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WHAT DO YOU SAY TO BANKS WHO SAY, WE ARE NOT IN THE PROMPT MANAGEMENT BUSINESS AND CAN'T RENT THEM?... |
| 00:18:08 |
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WELL, ACTUALLY THEY CAN. I THINK IF YOU GO OUT MORE THAN FIVE YEARS, WHICH WOULD BE A LONG TIME THERE... |
| 00:18:45 |
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AND ONE LAST QUESTION. OBVIOUSLY THE HOUSE PRICES ARE DROPPING, AND THERE ARE A LOT OF BUYING OPPORTUNITIES.... |
| 00:19:01 |
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WELL, THAT IS A GOOD QUESTION AND I THINK THE FED SHOULD BE APPLAUDED AND CHAIRMAN BERNANKE WHO TOOK... |
| 00:20:32 |
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OKAY, LET'S OPEN IT UP. STAND UP. WE HAVE THE MIC. STATE YOUR NAME AND WHERE YOU ARE FROM. |
| 00:20:38 |
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JIFF, NATIONAL ASSOCIATION OF REAL STORES. FOLLOW-UP TO ELLEN'S QUESTION. I UNDERSTAND THE FDIC INSURED... |
| 00:21:06 |
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RIGHT, WE ARE NOT THE PRIMARY REGULATOR FOR SOME OF THE INSTITUTIONS, I THINK YOU ARE REFERRING TO.... |
| 00:22:23 |
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FREELANCE CORRESPONDENT, SUBPRIME MORTGAGE INDICATES THE... NOT QUALIFY AND IN THE STRUCTURED LOAN,... |
| 00:22:48 |
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THE PROCESSING, GUARANTEE FEE FOR GSE LOANS OR? ORIGINATION -- |
| 00:22:57 |
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THE DEPOSIT. |
| 00:22:59 |
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YES, YOU KNOW, I THINK IT IS AN INTERPLAY OF AFFORDABILITY. VERSUS REPUPMENT OF COST. I DO THINK THAT... |
| 00:23:38 |
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AFFORDABILITY. |
| 00:23:39 |
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AFFORDABILITY. |
| 00:23:41 |
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ALREADY LOW AND I THINK, NO MATTER HOW YOU STRUCTURE, I THINK THEY STILL CANNOT MEET IT. |
| 00:23:47 |
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THAT'S RIGHT AND WE DO FIND THAT. AT INDYMAC FIND IT AS WELL AND UNDER OUR MODIFICATION PROTOCOL,... |
| 00:24:15 |
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SIR, SIR, SIR, I THINK WE ARE READY FOR ANOTHER QUESTION. IF YOU DON'T MIND. OKAY. YES, GO AHEAD.... |
| 00:24:26 |
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NEIGHBORWORKS AMERICA. ONE OF THE OBSTACLES TO PREVENTING FORECLOSURES SEEMS TO BE THE INCENTIVE STRUCTURE... |
| 00:24:37 |
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WELL, THE INCENTIVE IS AGAIN, ADDRESS A LOSS SHARING PROGRAM AND A THOUSAND DOLLAR ADMINISTRATIVE... |
| 00:25:01 |
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THE CAPACITY. |
| 00:25:02 |
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AND THAT IS A PROBLEM. YOU KNOW, AND WE ARE VERY CAREFUL AT INDYMAC, BUT I THINK THIS IS SOMETHING... |
| 00:25:44 |
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OKAY. CLIFF? |
| 00:25:51 |
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CLIFF KELLOGG FROM SHORE BANCORP OPERATION, THIS MORNING'S "WASHINGTON POST" HAS AN ARTICLE ABOUT... |
| 00:26:25 |
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THE HOMEOWNERS NOT BEING WILLING TO. |
| 00:26:27 |
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IN THESE PROGRAMS? |
| 00:26:28 |
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I THINK IT IS PROBABLY A COMBINATION. I THINK IN TERMS OF FEDERAL POLICIES THERE HAS BEEN A LOT OF... |
| 00:28:17 |
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| 00:28:19 |
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FRED AMCRIST, UNDERSTANDING GOVERNMENT FOUNDATION. HOW WILL YOU KNOW -- WE HAVE BEEN SUCCESSFUL IN... |
| 00:28:29 |
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CERTAINLY THE FORECLOSURE RATE, IS ONE INDICATOR, HOME VALUE DECLINES, THAT STABILIZING OR AT LEAST... |
| 00:29:39 |
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THANKS. YES, SIR? |
| 00:29:45 |
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WITH GAO. I'M ON THE TARP TEAM. AND I HAD A QUESTION -- |
| 00:29:48 |
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OH, YOU! |
| 00:29:50 |
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YOU ARE KEEPING US VERY BUSY! NOT YOU, BUT THE WHOLE TARP THING. BUT I HAVE A QUESTION ABOUT THE ... |
| 00:30:14 |
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WELL, WE -- LOW FRONT END NDTI AND THE 31% DTI WOULD BE REQUIRED UNDER THE LOSS SHARING PROPOSAL AND... |
| 00:31:06 |
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THAT IS HOW ARE DEALING WITH THE SECOND MORTGAGE ISSUE, TOO. |
| 00:31:09 |
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THAT'S RIGHT, MODIFICATION, THE SECOND LEAN HOLDER CAN THE NOT GET IN THIS WAY OF THE MODIFICATION,... |
| 00:32:45 |
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QUESTION? MARK? THANK YOU. FORD FOUNDATION. TWO QUESTIONS, ONE, ALLOW YOU IF YOU WANT TO ELABORATE... |
| 00:33:19 |
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I THINK THAT IS ABSOLUTELY RIGHT. AND -- YEAH. WELL, I THINK THAT IS RIGHT AND I THINK JUST WE JUST... |
| 00:34:26 |
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ON THE MODIFICATION POLICY, I THINK WE ALL AGREE WE HAVEN'T BEEN AS AGGRESSIVE, AS WE SHOULD HAVE... |
| 00:34:33 |
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RIGHT. RI. |
| 00:34:36 |
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BUT, I MAY HAVE MISS IT EARLIER, I'M A LITTLE LATE. FIRST QUESTION, FIRST PART OF THE QUESTION WOULD... |
| 00:34:49 |
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RIGHT, WE THINK -- |
| 00:34:51 |
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JUST ADD, CAN YOU AN ANSWER, AND DO YOU THINK IT WILL CHANGE WITH ALT-A OR OPTION ARMs IN TERMS OF... |
| 00:34:59 |
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OUR ECONOMISTS ESTIMATE WE THINK WE CAN REDUCE FORGES BY ABOUT A THIRD. SO FOR A PROGRAM THAT WOULD... |
| 00:35:20 |
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ALT-A. |
| 00:35:22 |
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YEAH, THESE -- THAT IS MORE DIFFICULT BECAUSE THE OPTION ARMs, ALT-A INCLUDES A NUMBER OF DIFFERENT... |
| 00:36:15 |
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TIME FOR ONE MORE QUESTION. COME ON! ONE JOURNALIST. |
| 00:36:22 |
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[INAUDIBLE]. |
| 00:36:25 |
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YOU WON'T BE, SOMEBODY ELSE ALREADY SKIT. |
| 00:36:27 |
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I'M SORRY. ELLEN. MAY I? MAY I? |
| 00:36:32 |
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WAIT A MINUTE. THIS ONE FIRST AND THEN YOU DO QUICKLY. |
| 00:36:39 |
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ONE OF THE BIG TALKING -- ALLEN -- AP, ON THE 4.5% THING, THAT THE TREASURY HAS BEEN TALKING ABOUT,... |
| 00:37:09 |
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WELL, IF YOU ARE UNDER WATER, NO. BECAUSE, YOU ARE UNDER WATER, RIGHT AND YOU HAVE -- YOU HAVE TO... |
| 00:37:52 |
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WITH THE VOLUME. |
| 00:37:54 |
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SIR, SIR, ONE MORE PERSON. |
| 00:37:55 |
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THANK YOU, HOUSING MARKET REPORT. I WANTED TO ASK WHY YOU THOUGHT THAT, YOU KNOW, FROM A PROGRAM ... |
| 00:38:09 |
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I THOUGHT WE COULD AVOID THAT ONE! |
| 00:38:11 |
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SORRY! DO YOU THINK IT WILL CHANGE DURING THE NEXT ADMINISTRATION. |
| 00:38:14 |
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I WILL SAY IT IS IMPORTANT, THE TREASURY IS SUPPORTIVE OF THE INDYMAC PROTOCOL AND HAVE BEEN SUPPORTIVE... |
| 00:39:28 |
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THANKS SO MUCH. |
| 00:39:29 |
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YOU BET, THANK YOU. [APPLAUSE]. |
| 00:39:37 |
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I WITH URGE EVERYBODY TO STICK AROUND, THE SECOND HALF OF THIS PROGRAM IS AS EXCITING AS THE FIRST.... |
| 00:40:29 |
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THANK YOU AGAIN FOR JOINING US THIS MORNING AND I WOULD ALSO LIKE TO THANK SHEILA BAIR AND MY COLLEAGUE,... |
| 00:42:22 |
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GOOD MORNING, EVERYBODY, I AMRO BARRETT TOW -- WITH THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL... |
| 00:44:44 |
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THANK YOU, ROBERTO AND NEW AMERICA FOUNDATION AND THANK YOU SHEILA BAIR ON SO MANY LEVELS AND ALSO... |
| 00:52:35 |
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THANK YOU VERY MUCH, AND GOOD MORNING, EVERYONE. SO AS SHE SUGGESTED I WILL WALK YOU THROUGH SOME... |
| 00:59:24 |
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SO WHAT CAN WE DRAW FROM THAT? WE HAVE EVIDENCE THAT THERE ARE SOCIAL BENEFITS FROM OWNING A HOME,... |
| 01:00:27 |
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THANK YOU MICHAL. I HAVE FIVE OR SIX DIFFERENT ASPECTS OF THE FINANCIAL PARTS OF THE PROGRAM. TELL... |
| 01:06:18 |
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WITH THE PROACTIVE DELINQUENCY LOAN PREVENTION PROGRAM WE CAN TALK ABOUT THE SPECIFICS OF THAT WHEN... |
| 01:10:19 |
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ERIC STEIN CHIEF OPERATING OFFICER AT SELF-HELP HAS MENTIONED WE ARE A NONPROFIT COMMUNITY LENDER... |
| 01:15:05 |
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AND THAT IS WHAT CHAIRMAN BAIR SUGGESTED WITH SYSTEMATIC MODIFICATIONS AS PART OF THAT AND THAT BECAME... |
| 01:19:19 |
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THANK YOU VERY MUCH IRAQ. HUBBUB LIKE TO USE MY COMMENTS, AM I REMARKS TO CONNECT SOME OF THE RESEARCH... |
| 01:28:43 |
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. |
| 01:28:48 |
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THANK YOU FOR INVITING ME. I HAVE FIVE MINUTES? I WILL DO SOMETHING EVEN A LITTLE MORE DIFFERENT BUT... |
| 01:34:19 |
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I BUT LIKE TO ANSWER BRIEFLY SO WE HAVE MORE TIME FOR QUESTION AND ANSWER. THEY MORTGAGE COHORTS SOME... |
| 01:35:20 |
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[INAUDIBLE] |
| 01:35:25 |
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I HAVE A FEELING LOOKING AT THE NUMBERS THE BORROWER'S IN THE CAP HAVE A PROFILE PARTICULARLY THE... |
| 01:38:30 |
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LET'S OPEN THE DISCUSSION. |
| 01:38:41 |
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DEILY KENNEDY AND NATIONAL ASSOCIATION OF AFFORDABLE HOUSING LENDERS THAT REPRESENTS CRA BANKS AND... |
| 01:40:20 |
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ON A COUPLE OF MARKS QUESTIONS, FIRST COME ON THE 2006 LOWS THERE ARE VINTAGES THAT PERFORM BETTER... |
| 01:40:43 |
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PART OF REGULATING YOUR MARKET. |
| 01:40:44 |
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EXACTLY. IN TERMS OF WHAT TO DO WITH NEIGHBORHOODS WITH FORECLOSURES, WE HAVE A COUPLE OF PILOTS... |
| 01:43:10 |
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I AM MELISSA FROM THE NEW AMERICA FOUNDATION. CONGRATULATIONS ON THIS DATA. EXCELLENT. WHAT OF THE... |
| 01:43:54 |
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THAT IS A GOOD QUESTION, THE ANSWER IS YES. I APOLOGIZE TO THE PRIOR QUESTIONER AND TO ALL OF YOU... |
| 01:45:10 |
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THE WEBSITE? |
| 01:45:14 |
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THE ADDRESS? WE WILL GET IT UP THERE. |
| 01:45:21 |
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CONGRATULATIONS AGAIN AND THE CURSE OF PROVIDING DATA IS THAT YOU GET MORE QUESTIONS. PERHAPS THE... |
| 01:46:40 |
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I WOULD SAY WE TAKE THESE THINGS LIKE PROPERTY VALUES TRENDS AND OTHER CHARACTERISTICS OF FRONT INTO... |
| 01:47:12 |
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WE INC. VARIABLE OF GEOGRAPHY INTO THE MARKET ISSUE. IN THE RISKY -- RISKY MORTGAGES AND RISKY BORROWERS... |
| 01:48:30 |
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WE WILL TAKE ABOUT FOUR MORE QUESTIONS THE. |
| 01:48:32 |
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FIRST OF ALL, CONGRATULATIONS ON EXCELLENT PROGRAM THIS MORNING. I WANT TO RAISE A DIFFERENT ISSUE... |
| 01:49:32 |
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THAT IS A GREAT QUESTION. THERE ARE SOME ORGANIZATIONS INCLUDING SELF WHO PUT BEING AT THE WAY TO... |
| 01:52:18 |
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WE ONLY HAVE A FEW MOMENTS LEFT. |
| 01:52:21 |
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I'M A FREE-LANCE CORRESPONDENT TO THE UNC GROUP, YOU STATE UNIVERSITY DO LOOK AT THE EFFECTS OF THE... |
| 01:53:08 |
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FIRST UNDERSTANDING THE GOVERNMENT FOUNDATION. WAS IMPRESSED BY THE RESULTS YOU HAD 47 WITH THE RELATIVELY... |
| 01:53:42 |
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. |
| 01:53:48 |
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IT IS A FOLLOW-UP ON THAT WHICH IS IT COULD MEAN THERE ARE PEOPLE WITH SUFFICIENT SAVINGS AND DISPOSABLE... |
| 01:54:08 |
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JUST CURIOUS THIS PROGRAM AND MICHAEL BARR HAS FLOATED THE IDEA OF THE OPT OUT MORTGAGE CHICKEN FROM... |
| 01:54:18 |
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. |
| 01:54:24 |
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WHEN IT IS TIME QUICKLY. WE LOOKED AT NORTH CAROLINA, WE HAVE PROGRAMS IN NORTH CAROLINA SO WE LOOK... |
| 01:56:35 |
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THAT IS GOOD. |
| 01:56:37 |
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TO THE OPT OUT MORTGAGE FIVE WOULD SAY IN MANY WAYS THIS PRODUCT AND SERVES AS A OPT OUT MORTGAGE... |
| 01:56:50 |
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THERE IS MORE REFORMATION ON THERE WEBSITE COME ON OUR WEBSITE NEWAMERICA.NET AND ASSET BUILDING.ORG... |
| 01:57:49 |
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ASSOCIATED PRESS REPORTS THE WHITE HOUSE IS IN TALKS WITH REPUBLICAN SENATOR BOB CORKER WHO WANTS... |
NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.
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Grinstein-Weiss, Michal
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Ratcliffe, Janneke
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