| 00:00:37 |
GUEST, -
THE HALF- DOZEN THAT THE OBAMA ADMINISTRATION PUT IN PLACE. IT WAS MEANT TO GIVE LENDERS AN INCENTIVE TO HELP PEOPLE. THE INCENTIVE IS REALLY SMALL....
|
| 00:01:18 |
HOST, -
THE TREASURY DEPARTMENT -- IT STARTS OUT WITH A REALLY HUGE NUMBER, BETWEEN THE 2.5-4 MILLION PEOPLE, BUT ONLY 690,000 HAVE GOTTEN THE PERMANENT MODIFICATION....
|
| 00:01:50 |
GUEST, -
HAVE STUCK WITH IT BECAUSE THEY CAN MAKE THEIR PAYMENTS, BASICALLY. IF YOU RUN INTO TROUBLE ONCE AGAIN WANTS YOUR LAWN HAS BEEN MODIFIED, YOU HAVE TO...
|
| 00:02:18 |
HOST, -
ECONOMY, HOW MUCH MONEY HAS BEEN INVESTED IN THIS PROGRAM SO FAR? GUEST: ALL TOLD, I THINK HAMP
|
| 00:02:25 |
GUEST, -
IS ABOUT $50 MILLION. I'M SORRY. WE HAVE NOT SPENT THA, ONLY A PORTION. YOU ONLY SPEND THE MONEY WHEN PEOPLE GET HELP. THE CHECK GETS WRITTEN TO THE...
|
| 00:02:54 |
HOST, -
SEPTEMBER 2ND, ALMOST THREE YEARS INTO HIS TERM THAT OBAMA HAS FAILED TO HALT THE SLIDE IN HOME PRICES AND THE FORECLOSURES. THEY FELL BY 5.2% IN JULY...
|
| 00:03:25 |
GUEST, -
GUEST: YES. THERE ARE TOO MANY HOMES ON THE MARKET, TOO MANY FORECLOSURES, DRIVING DOWN PRICES. AND THIS HOUSING PROBLEM STARTED, THESE INTEREST PAYMENTS...
|
| 00:03:55 |
HOST, -
FEDERAL PROGRAMS TO PREVENT FORECLOSURE WITH LORRAINE WOELLERT OF BLOOMBERG. IF YOU WANT TO GET INVOLVED IN THE CONVERSATION, GIVE US A CALL. WE WOULD...
|
| 00:04:59 |
Unidentified Speaker, -
OF THE $50 BILLION WAS SPENT? >>
|
| 00:05:01 |
Unidentified Speaker, -
A VERY SMALL AMOUNT. >> $2
|
| 00:05:05 |
Unidentified Speaker, -
BILLION. >> WE
|
| 00:05:08 |
Unidentified Speaker, -
HAVE COMMITTED IT SUBSTANTIALLY MORE. >> HOW MUCH
|
| 00:05:12 |
Unidentified Speaker, -
HAS BEEN IS SPENT? >>
|
| 00:05:13 |
Unidentified Speaker, -
THE VERY LITTLE. >>
|
| 00:05:16 |
Unidentified Speaker, -
YOU CAN WRITE ME A LETTER SAYING HOW MUCH IT HAS BEEN. IT IS STILL MISERABLE AMOUNT OF MONEY. IT IS NOT VERY MUCH. IS TERRIBLE. HOST: LORRAINE WOELLERT,
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| 00:05:30 |
HOST, -
WHAT DID YOU THINK WHEN YOU SAW THAT EXCHANGE BETWEEN REP GUTIERREZ AND THE TREASURY SECRETARY? GUEST: WE HAVE SEEN
|
| 00:05:41 |
GUEST, -
IT OVER AND OVER. DEMOCRATS AND REPUBLICANS HAVE BEEN ON HAVE BEEN WITH THIS EVEN FROM THE VERY BEGINNING. THE TREASURY HAS MADE IMPROVEMENTS, HUD HAS...
|
| 00:06:02 |
HOST, -
HOST: WHY IS THAT? GUEST: THERE ARE
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| 00:06:06 |
GUEST, -
SOME HURDLES TO HAVE TO JUMP THROUGH THE QUALIFY, BUT BANKS HAVE TO COOPERATE TO GET THE PRINT TO WORK. THE INCENTIVES PAID TO THE BANKS TO GET THEM...
|
| 00:06:30 |
HOST, -
COMES FROM JOHNSTOWN, PA. COME ON OUR LINE FOR DEMOCRATS. ANTHONY, TURNED DOWN THE VOLUME ON YOUR TELEVISION.
|
| 00:06:41 |
CALLER, -
CALLER: I JUST HAD A QUESTION. I'M A VETERAN AND MY PARENTS ARE RETIRED. THEY WORKED ALL THEIR LIFE. IT IS NOT SO MUCH THAT THERE IS BUREAUCRACY. SOMETIMES...
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| 00:08:13 |
GUEST, -
AND TO LOSE MONEY, BUT YOU MAKE A MORE IMPORTANT POINT. WE NEED TO TAKE OUR MEDICINE. BUT THE FORECLOSURES GO TO THE SYSTEM AND LET'S GET IT OVER WITH...
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| 00:08:33 |
HOST, -
ORGANON AIRLINE FOR REPUBLICANS. DOUGLAS, GO AHEAD. -- OREGON, ON OUR LINE FOR REPUBLICANS. CALLER: I PUT THE
|
| 00:08:47 |
CALLER, -
GOVERNMENT'SS UNDER CITIZEN'S ARREST. HOST: WE WILL LEAVE
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| 00:08:56 |
HOST, -
IT THERE. LET'S MOVE ON TO NEW HAMPSHIRE ON AIRLINE FOR DEMOCRATS. YOU ARE ON "WASHINGTON JOURNAL." CALLER: I HAD
|
| 00:09:06 |
CALLER, -
MY HOME SAVED BY THE HOME MORTGAGE MODIFICATION PROGRAM. IT WAS A REAL PAIN IN THE BUTT BECAUSE WE HAD TO DO IT TWICE. EVERY TIME YOU CALLED, THE MORTGAGE...
|
| 00:09:29 |
HOST, -
WHAT WAS THE BIGGEST OBSTACLE YOU HAD TO OVERCOME? CALLER: DEALING
|
| 00:09:35 |
CALLER, -
WITH THE BANKS, ACTUALLY DEALING WITH THE MORTGAGE LENDER. IT SEEMS AS THOUGH THE PEOPLE HAD DIFFICULT INDIAN ACCENT SO WHAT WAS HARD TO UNDERSTAND. YOU...
|
| 00:10:12 |
HOST, -
OF THOSE HURDLES HAVE TO DO WITH YOUR INCOME, CREDIT RATING, ANYTHING LIKE THAT? CALLER: FIVE YEARS
|
| 00:10:19 |
CALLER, -
AGO I HAD A GREAT CREDIT RATING OF 850. THEN THIS HAPPENED AND I LOST CONTRACTS BECAUSE OF THE ECONOMY AND MARKET MELTDOWN. I HAD TO CLIMB BANKRUPTCY...
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| 00:10:50 |
HOST, -
NEW HAMPSHIRE.
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| 00:10:53 |
GUEST, -
GUEST: CONGRATULATIONS ON GETTING THE MODIFICATION. THAT'S MORE THAN MOST HAVE GOTTEN. YOU ARE A GOOD EXAMPLE OF WHAT IS GOING ON OUT THERE. PEOPLE GO...
|
| 00:11:23 |
HOST, -
MISSISSIPPI. CALLER: HOW
|
| 00:11:26 |
CALLER, -
YOU DOING? HOST: HOW ARE THINGS
|
| 00:11:29 |
HOST, -
IN COLLINS? CALLER: ROUGH, BUT
|
| 00:11:32 |
CALLER, -
WE ARE TRYING TO MOVE FORWARD. MS. LADY, I WANTED TO ASK A QUESTION ABOUT THE FEDERAL GOVERNMENT AND THE PROGRAMS. I HAVE BEEN HEARING SO MUCH ABOUT FORECLOSURES...
|
| 00:13:11 |
HOST, -
A TREASURY PROBLEM. GUEST: THEY DO GIVE
|
| 00:13:16 |
GUEST, -
SOME LOANS AND IT IS A SMALL PART OF THE PROGRAM. THEN THERE WORLD THE BELL AT MORTGAGE PROGRAM. HOST: SPRINGFIELD, MASS.,
|
| 00:13:30 |
HOST, -
ON OUR LINE FOR DEMOCRATS. CALLER: I HAVE ONE QUESTION
|
| 00:13:35 |
CALLER, -
FOR YOU AND A QUESTION FOR YOUR GUEST. WHY DOES C-SPAN CHALLENGE PEOPLE WHEN THEY MAKE THESE CRAZY STATEMENTS AND THE YOU DO NOT CHALLENGE THEM ON WHERE...
|
| 00:14:23 |
HOST, -
OUTRAGEOUS STATEMENTS? CALLER: BLAST AGAINST
|
| 00:14:28 |
CALLER, -
SAID THE UNITED NATIONS FAMILY-PLANNING GIVES A LOT OF MONEY TO CHINA. THAT IS OUTRAGEOUS. THEY DO NOT. WE DO NOT GIVE MONEY TO CHINA FOR ABORTIONS....
|
| 00:15:36 |
HOST, -
HOST: TO ADDRESS PART OF HER POINT, DOES THE BANK INCREASED THEIR PROFIT MARGIN? WHAT IS THE INCENTIVE FOR THE BANKS TO HOLD ON TO THE MONEY RATHER THAN...
|
| 00:15:55 |
GUEST, -
GUEST: WE ARE MAY BE TALKING ABOUT TWO DIFFERENT THINGS. WE HAVE THE FORECLOSURE PROGRAMS WE ARE TALKING ABOUT TODAY AND THE TARP BAILOUT WERE THE BANKS...
|
| 00:17:12 |
HOST, -
A PROFIT MARGIN FOR THE BANKS, YOU THINK THAT WOULD BE AN INCENTIVE FOR THEM TO WORK WITH PEOPLE TO GET MORE MONEY OUT INTO THE HOUSING MARKETS?
|
| 00:17:29 |
GUEST, -
GUEST: YES. THE PROBLEM IS THERE IS STILL A COMPLETE LACK OF CONFIDENCE IN THE HOUSING MARKET. THERE ARE SOME PEOPLE GETTING INTO THE BUSINESS CALLED...
|
| 00:18:27 |
HOST, -
TWO CALLS FROM CHICAGO, ILL., FIRST FROM OUR MIND FOR REPUBLICANS. -- OUR LINE FOR REPUBLICANS. CALLER: I HAVE A
|
| 00:18:39 |
CALLER, -
QUICK QUESTION. I READ AN ARTICLE ABOUT HOW PROPERTY TAXES ARE INCREASING. THE PRICES OF HOMES ARE GOING DOWN. IN ONE INSTANCE, THERE IS A PERSON WHOSE...
|
| 00:19:14 |
GUEST, -
A LOCAL ISSUE. YOUR CITY CENTS ITS BUDGET AND AT THE END OF THE DAY, THEY NEED $X MILLION. THEY LOOK AT THE PROPERTY TAX AND SEES THAT HOUSING PRICES...
|
| 00:20:08 |
HOST, -
FROM CHICAGO COMES FROM OUR LINE FOR DEMOCRATS. GO AHEAD, MARIONYANN. CALLER:
|
| 00:20:17 |
CALLER, -
I AM WORKING ON THE HOME MODIFICATION ACT. THERE ARE MANY, MANY HOOPS AND I DO GET THE FEELING THAT IF THEY CAN DISCOURAGE YOU WITHIN THE FIRST PHONE...
|
| 00:21:58 |
HOST, -
ARE YOU IN THE PROCESS? CALLER: I AM
|
| 00:22:03 |
CALLER, -
CALLING EVERY THIRD DAY TO MAKE SURE MY APPLICATION IS THERE. HOST: YOU
|
| 00:22:13 |
HOST, -
HAVE BEEN DOING THAT FOR ALMOST A MONTH AND A HALF?
|
| 00:22:16 |
CALLER, -
CALLER: SURE. HOST: DO YOU KNOW IF YOU
|
| 00:22:21 |
HOST, -
ARE GOAT -- DOING A GOVERNMENT MOD OR THE BANK MOD? THE GOVERNMENT DOES NOT HAVE A DEADLINE.
|
| 00:22:30 |
HOST, -
HOST: TELL US THE DIFFERENCE BETWEEN THE TWO. GUEST:
|
| 00:22:37 |
GUEST, -
THE BANK DEADLINES ARE PRETTY SHORT AND YOU HAVE TO COME UP WITH A LOT OF PAPERWORK AND IT IS A PAIN. THEY HAVE THEIR OWN DEADLINES, THEIR OWN RULES....
|
| 00:23:09 |
HOST, -
EMAIL -- IF A PERSON IS UPSIDE DOWN, WILL IT MAKE IT MORE DIFFICULT TO GET HOUSING ASSISTANCE?
|
| 00:23:32 |
GUEST, -
GUEST: YES. THIS IS A BIG PROBLEM THE GOVERNMENT IS DEALING WITH. WE HAVE A PROGRAM FOR PEOPLE LIKE HER, BUT THE BANKS DO NOT WANT TO COOPERATE. THERE...
|
| 00:24:33 |
HOST, -
HOUSTON, TEXAS.
|
| 00:24:35 |
CALLER, -
CALLER: HELLO? YES. THIS IS A HARD CALL FOR ME TO MAKE BECAUSE I LOST MY HUSBAND ONE WEEK AGO AND WE JUST GOT SOCIAL SECURITY AND I AM STUCK WITH A HOUSE...
|
| 00:25:07 |
HOST, -
BEING FORECLOSED? CALLER: THE TO ABOUT
|
| 00:25:12 |
CALLER, -
SIX MONTHS TO GET IT FIXED UP BECAUSE OF THIS 30 YEARS OLD. I DO NOT KNOW WHETHER YOU CAN CLAIM THAT OR HOW YOU DEAL WITH IT. I AM STUCK BETWEEN A...
|
| 00:25:29 |
HOST, -
CONDOLENCES. GUEST: CALL
|
| 00:25:31 |
GUEST, -
A REALTOR. THE BANKS WILL SOMETIMES AGREE IF YOU WANT TO SELL THE HOUSE TO DO WHAT IS CALLED A SHORT SALE. THEY WILL TAKE LESS THAN YOU OWE ON THE...
|
| 00:25:54 |
HOST, -
ANOTHER EMAIL. GUEST: WE
|
| 00:26:11 |
GUEST, -
DID HAVE A PROGRAM LIKE THIS. IT WAS CALLED THE EMERGENCY, OWNER ALONG PROGRAM THAT RECENTLY EXPIRED AND NEVER GOT OFF THE GROUND. IT WAS DESIGNED TO...
|
| 00:27:19 |
HOST, -
THE HOUSING POLICY REPORTER FOR BLOOMBERG. THAT ALSO INCLUDES TREASURY ANTI-FORECLOSURE EFFORTS, FANNIE MAE, FREDDIE MAC, THE FEDERAL HOUSING ADMINISTRATION,...
|
| 00:27:58 |
CALLER, -
UP. I'M IN HOUSTON. HOST: WE'RE DEFINITELY
|
| 00:28:06 |
HOST, -
MIXED UP. TELL US YOUR PROBLEMS AND RUN YOUR QUESTION BY US. CALLER: I HAVE
|
| 00:28:15 |
CALLER, -
A DAUGHTER. SHE AND HER HUSBAND WENT THROUGH THE LOAN MODIFICATION PROGRAM BECAUSE ONE OF THEM LOST THEIR JOB. THE ONLY THING THAT THE BANK DID WAS...
|
| 00:29:07 |
HOST, -
WOELLERT. GUEST: I AM SORRY ABOUT
|
| 00:29:11 |
GUEST, -
YOUR DAUGHTER. A LOT OF PEOPLE ARE IN THE SAME BOAT. WE ARE STARTING TO SEE THE BANKS LOOSEN UP A TINY BIT IN SOME AREAS. HOUSTON, I AM NOT SURE HOW...
|
| 00:29:32 |
HOST, -
THAT SHOWS 50 METROPOLITAN AREAS WITH THE LARGEST HAMP ACTIVITY, AND THE LARGEST BEING LOS ANGELES, LONG BEACH, AND SANTA ANA. IT TURNS OUT THAT IT IS...
|
| 00:30:23 |
GUEST, -
YOU ARE RIGHT. REMEMBER THAT WE HAVE SIX ANTI- FORECLOSURE PROGRAMS. HAMP IS THE BIGGEST. WE SPOKE ABOUT THE EMERGENCY REFINANCING PROGRAM. THEY ARE...
|
| 00:31:04 |
HOST, -
HOST: DEMOCRAT MINE CALLING FROM WASHINGTON, D.C.
|
| 00:31:10 |
CALLER, -
CALLER: ABOUT THIS HOUSING CRISIS PROBLEM, ME AND MY WIFE ARE GOING THROUGH THIS RIGHT NOW. OUR MORTGAGE LENDER IS WELLS FARGO. WE HAVE TRIED TO GET...
|
| 00:33:01 |
HOST, -
IT THERE. GUEST:
|
| 00:33:06 |
GUEST, -
THE GOVERNMENT AND BANK REGULATORS HAVE SEEN THIS PROBLEM AND THEY HAVE REACHED A SETTLEMENT WITH THE LARGE SERVICERS, INCLUDING WELLS FARGO. AS WE SPEAK,...
|
| 00:33:33 |
HOST, -
HOMES THAT ARE UNDER GOVERNMENT CUSTODY. HOW DOES THAT HAPPEN? DOES THAT MAKE TAX PAIR OF THE OWNERS OF THESE HOMES AND WHAT WILL BE DONE WITH THEM?
|
| 00:33:46 |
GUEST, -
GUEST: YES, TAXPAYERS, THROUGH THE FHA, AND INDIRECTLY THROUGH FANNIE MAE AND FREDDIE MAC. WE ARE THE OWNERS OF THOSE HOUSES. UNTIL NOW, WE HAVE BEEN...
|
| 00:34:22 |
HOST, -
ABOUT RESTRUCTURING THE LOANS SO THE PEOPLE CAN STAY IN THOSE HOMES? GUEST:
|
| 00:34:27 |
GUEST, -
IT IS TOO LATE FOR THAT BECAUSE THERE HAVE BEEN FORECLOSED ON AND THE GOVERNMENT IS ALREADY THE OWNER OF THE PROPERTY.
|
| 00:34:35 |
HOST, -
HOST: SPRINGFIELD, OHIO. CALLER: GOOD MORNING
|
| 00:34:39 |
CALLER, -
TO YOU. I AM GOING CREW MODIFICATION PROCESS RIGHT NOW. I HAVE A REAL QUICK QUESTION. DID SHE SAY THAT THE INSURANCE THAT THE BANKS BY COMPENSATES THEM...
|
| 00:35:02 |
GUEST, -
BY AN INSURANCE ON A CERTAIN PART OF YOUR LONG THAT THEY WILL RECOVER IF YOUR LOAN GOES BAD. CALLER: SO
|
| 00:35:11 |
CALLER, -
THEY ARE INCENTIVIZED TO FORECLOSE. I HAVE A PROJECT AND A QUICK QUESTION. WHY WOULD A BANK FOR CLOSE ON SOME ONE AND SELL THE HOME FROM ANYWHERE BETWEEN...
|
| 00:36:23 |
HOST, -
WOELLERT OF BLOOMBERG. GUEST: THEY TEND TO BE
|
| 00:36:29 |
GUEST, -
SMALL INVESTORS. WE HAVE NOT SEEN REALLY BIG BANKS STEP UP TO THIS OPPORTUNITY, I SUPPOSE. IN TERMS OF YOUR POINT ABOUT THE PRINCIPLE RIGHT DOWN, IT...
|
| 00:37:15 |
GUEST, -
REAL HASSLE AND IT WILL TAKE A LOT OF TIME. HOST: WE HAVE
|
| 00:37:19 |
HOST, -
BEEN TALKING WITH LORRAINE WOELLERT OF BLOOMBERG WHO IS THE HOUSING POLICY REPORTER. IF YOU WANT TO READ MORE, YOU CAN GO TO THEIR WEB SITE, BLOOMBERG.COM....
|
NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.