[Money-matters] FW: [Money Matters Newsletter] New Housing Program to be announced. Europe to announce a Greek Band aid. Update October 22, 2011

Sun Oct 23 00:31:44 UTC 2011

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From: Money Management Radio [mailto:marc at moneymanagementradio.com] 
Sent: Saturday, October 22, 2011 4:27 PM
To: perf client
Subject: [Money Matters Newsletter] New Housing Program to be announced.
Europe to announce a Greek Band aid. Update October 22, 2011

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New Housing Program to be announced. Europe to announce a Greek Band aid.
Update October 22, 2011

Marc's Notes;
Well, the news is just more of the same but things are progressing, not
necessarily in the right direction however.
That new housing program I warned would be coming is coming. No matter how
they phrase it, the bottom line is the government will be paying peoples
mortgages and it reminds me of my 9th Money show where, incredibly sounding
at that time, "don't be surprised if the government ends up paying peoples
mortgages".
I got ridiculed for that from many but here we are 5 years after that show
aired, and combining all the home programs from FHA, HARP, HAMP, USDA,
FANNIE MAE, FREDDIE MAC and back door remods from the banking industry and
you can see they did a whole lot more then that. Spending BILLIONS on
homeowners that made bad bets, all of us end up paying for them. Maybe even
you got helped and that feels good but its WRONG WRONG WRONG.
I keep saying, if all those homeowners would have made the money they
planned on making on all those houses, do you think any of them would have
given that money back to same public coffers they plan to drain? 
Hell no. 
This new announcement will be through FHA and all government sponsored home
loans (that's pretty much all of them) where by you can refinance if your
current on your mortgage at lower rates and underwater on your loan. They
may reduce principal for many. Probably not you and I, but you and I will
pay for it you can be sure of that.
They will say it wont cost taxpayer money probably but that's absurd. Where
is the money supposed to come from? Print it?  Yep. And that eventually is
paid by you and I.
Watch early next week for the "announcement".
Will it help? Sure, it will make stocks go up, and help some homeowners, but
intervention does not correct markets that are correcting. It only distorts
them and send false signals to potential buyers and sellers. In the long
run, housing will find the bottom it seeks, and only then will the housing
bust be complete.
On the Euro front, the IMF and Euro Central wrestle with more programs to
solve the unsolvable. Now they are upping the rescue amount (again) and
trying to cobble together some sort of band aid. They will guarantee loans,
bonds and just about everything using in the end taxpayer money, although
they won't say that directly.
I suspect a partial default option will be mentioned in the form of haircuts
to Greek bond holders. Those haircuts will be backstopped by public funds in
some form as well the guarantees offered.  In the end, more Greek debt will
default and other nations will surface needing similar bailouts. This will
not go away with this new announcement.
It will resurface again much like the housing problem will. Meanwhile
markets will probably rally with the announcements on housing and Greece.
For now, stay the course. Look for markets to reflect whatever news comes
out,
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All for now,
Marc

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