Blog of the Mortgage

It isn't rocket science but it our President has acknowledged there might be more of than an Economic issue at hand:

"To build a prosperous future, we must trust people with their own money and empower them to grow our economy. As we meet tonight, our economy is undergoing a period of uncertainty. America has added jobs for a record 52 straight months, but jobs are now growing at a slower pace. Wages are up, but so are prices for food and gas. Exports are rising, but the housing market has declined. And at kitchen tables across our country, there is concern about our economic future."

Luckily he's still in our corner on Housing Reform once again publicly asking for help on reforming the GSE & FHA:

"On housing, we must trust Americans with the responsibility of homeownership and empower them to weather turbulent times in the housing market. My administration brought together the HOPE NOW alliance, which is helping many struggling homeowners avoid foreclosure. The Congress can help even more. Tonight I ask you to pass legislation to reform Fannie Mae and Freddie Mac, modernize the Federal Housing Administration, and allow state housing agencies to issue tax-free bonds to help homeowners refinance their mortgages. These are difficult times for many American families, and by taking these steps, we can help more of them keep their homes."

We'll see how this all shakes out. It looks like End February is when both the Stimulus package and Housing Reform(included) will be on President Bushes desk for sign-off.