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| Written by PI Web | |
| Friday, 25 July 2008 | |
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State, feds should support practical home loan help Gov. Arnold Schwarzenegger and several state officials stood in front of a foreclosed Stockton home this week, proclaiming the merits of a new “stabilization” home loan program to help first-time homebuyers purchase foreclosed homes. To use a bureaucratic cliché, the program would seem like a “win-win” at first glance, selling off foreclosed inventory while providing low rates and prices for first-time homebuyers in problem areas such as Stanislaus County. The governor said the plan intends to “pump up” those in need of an economic stimulus. The only problem? An initial list of homes available were owned by only a select group of lenders — Fannie Mae, CitiMortgage, HomeEquity Servicing and Wells Fargo. In Patterson, the number of homes on that list was — drum roll, please — two. That’s right, two. That’s pretty underwhelming, given that our city has one of the worst foreclosure rates in the state. And to buy one of those two homes, an applicant must have not owned a home within the past three years, have good credit and a limited income, and refrain from renting out the home throughout the life of the loan. The whole deal hints of corporate favoritism, with smaller banks and lenders seemingly left out of the program in its initial stages. State officials deny that’s the case, saying other lenders may join in if they can agree to the terms. Regardless, it would seem there could be better ways to help all buyers, rather than a select few. A bit of organization would help, too, as a real estate agent representing one of the homes being sold through the new program in Patterson was not even notified that the home was included. It is wonderful to see state and federal government officials at least say they are taking seriously this housing crisis. But perhaps they could start off by supporting programs that already exist and are relevant to most buyers, such as the Federal Housing Administration loan. The federal Foreclosure Prevention Act approved this week also could have some tangible benefits, with $8,000 in tax credits for first-time homebuyers and grants to help agencies buy foreclosed homes. At the end of the day, practical solutions are needed to get us out of this mess, as impractical decisions got us into it.
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