Obama administration plans new efforts on foreclosures - plans to press mortgage companies

Nov. 29, 2009

WASHINGTON — The Obama administration, battling a foreclosure crisis that shows no signs of relenting, will step up pressure on mortgage companies to do more to help people remain in their homes, officials said Saturday.

The administration will announce its expanded program on Monday, Treasury spokeswoman Meg Reilly said.

"We are taking additional steps to enhance servicer transparency and accountability," Reilly said. She said the goal was to increase the rate that troubled home loans were converted into new loans with lower monthly payments.

Industry officials said the new effort would include increased pressure on mortgage companies to accelerate loan modifications by highlighting firms that are lagging in that area.

read more: http://news.bostonherald.com/news/us_politics/view/20091129administration_plans_new_efforts_on_foreclosures/srvc=home&position=recent



The Treasury is also expected to apply pressure by waiting until loan modifications are permanent before paying cash incentives to mortgage companies that are lowering them. Under the program, companies agreeing to lower payments initially collect $1,000 for each loan and $1,000 annually for up to three years.

read: http://www.wilx.com/news/headlines/78083652.html



"Some of the firms ought to be embarrassed, and they will be," Michael Barr, treasury's assistant secretary for financial institutions, told The New York Times.

The new campaign comes amid evidence a $75 billion taxpayer-financed effort to stem foreclosures is failing, the Times reported.

Lenders recently accelerated the pace at which they are reducing mortgage payments for borrowers, but just a fraction of the reductions have been made permanent. Fewer than 2,000 of 500,000 loan modifications in progress have become permanent, federal officials said.

The government plans to publicly name stingy institutions and wait until mortgage reductions are permanent before paying cash incentives promised to mortgage companies that lower loan payments.

"They're not getting a penny from the federal government until they move forward," Barr said.

http://www.upi.com/Business_News/2009/11/29/Lenders-pressured-to-lower-house-payments/UPI-82241259498918/

It all has to be done by rewarding the loan sharks for "good behavior."

. . . you'd just spend it on something . . . like bills :eyes:

that real jobs would help the economy so much more than this. I don't get it.

The Troubled Asset Relief Program (TARP), has key provisions, which benefit the clean energy sector. TARP includes approximately $17 billion allocated on clean energy tax credits. The highlights include:

* Tax Credits – According to Scott Sklar, former head of the Solar Energy Industries Association, TARP extends the 30 percent federal investment tax credit for both residential and commercial solar, wind and ground-coupled heat pumps from four to eight years. The bill eliminates the $2,000 cap for residential solar installations and provides new investment tax credits for water energy technologies (tidal, wave, ocean current and thermal) and combined heat and power. The production tax credit was extended for biomass, geothermal and power as well. Most importantly, there is an eight-year extension for the ITC for solar.

* Plug in hybrids – A credit of $2,500 plus $417 for each kWh of battery pack capacity in excess of 4 kWh to a maximum of $7,500 for light duty vehicles; $10,000 for vehicles with gross vehicle weights of more that 10,000 but less than 14,000 pounds; and $15,000 for any vehicle greater than 26,000 pounds. Phase out of the credit would begin after the total of plug in hybrid electric vehicles is at least 250,000.

* Fuel cells – TARP increases the tax credit limitation for fuel cells from $500 to $1,500 per half-kilowatt of capacity.

These provisions of TARP coupled with the 2007 Energy Independence and Security Act (EISA) provide significant incentives for new and emerging technologies. EISA includes phasing out the incandescent light bulb, increased corporate average fuel economy standards and created incentives for plug-in hybrids and for biofuels.

read: http://www.venture-magazine.com/index.php?option=com_content&task=view&id=542


US Department of Labor announces nearly $55 million in green jobs training grants through Recovery Act

WASHINGTON, Nov 18, 2009 /PRNewswire-USNewswire via COMTEX/ --

U.S. Secretary of Labor Hilda L. Solis today announced nearly $55 million in green jobs grants, as authorized by the American Recovery and Reinvestment Act of 2009. The grants will support job training and labor market information programs to help workers, many in underserved communities, find jobs in expanding green industries and related occupations.

"Today's announcement is part of the administration's long-term commitment to fostering both immediate economic growth and a clean energy future. It's an investment that will help American workers do well while doing good," said Secretary of Labor Hilda L. Solis. "These grants provide an immediate return, and they are part of a larger green initiative that will help lead to increased job placements and promote economic growth."

The two categories of grant awards announced today are: State Labor Market Information Improvement Grants and Green Capacity Building Grants. Both will be administered by the U.S. Department of Labor's Employment and Training Administration.

Green Capacity Building Grants, totaling $5.8 million, will increase the training capacity of 62 current Labor Department grant recipients through a variety of strategies, and will offer training opportunities to help individuals acquire jobs in expanding green industries. These grants will help serve underserved communities. Targeted communities include American Indians, women, at-risk youth and farm workers.

State Labor Market Information Improvement Grants, totaling $48.8 million, will support the collection and dissemination of labor market information, and will enhance the labor exchange infrastructure to provide career opportunities within clean energy industries. Grantees will be able to employ strategies that enable job seekers to connect with green job banks and help ensure that workers find employment after completing training. Thirty awards ranging from about $763,000 to $4 million were made to state workforce agencies to utilize data for workforce development strategies. Multiple state workforce agencies partnering as a consortium will use this program to gather information that is likely to have a regional, multi-state or national impact.

The grants are part of a larger Recovery Act initiative -- totaling $500 million -- for green jobs training grants designed to promote economic growth. The Department of Labor expects to release funding for an additional three green grant award categories over the next several months.

For a full listing and project description of each grant recipient, visit http://www.doleta.gov.

read: http://cp.llesiant.com/Delivery/ContentItem.asp?contentId=231168492000000093&csid=278796

and fare hikes and cutting routes for buses and trains. TARP isn't doing enough here.

The guy who proposed it didn't get enough votes to stay in the primary race. It wasn't Obama.

. . . to withhold cash incentives promised to mortgage companies who don't make loan mods permanent.

I'm saying there are better, more concrete steps that would accomplish more.

Just ask the UN.

Obama administration: "We'll give you 100 billion"
Mortgage Industry: "We'll think about it after you cut the check and we don't want any strings attached! *mutters* ...suckers"