As the U.S. Mortgage Bankers Association is currently meeting in San Francisco, reports on the internet are pointing to an economy that is currently "stalled", but also one that will be picking up steam soon.
James Lockart, Director of the U. S. Federal Housing Finance Agency, sits on the oversight committee for US$700-billion Troubled Asset Recovery Plan and is currently in attendance at the Mortgage Bankers conference in San Francisco. He was quoted yesterday as saying, "I think it's uncertain how long it's going to take. I have no doubt it will [work], but I think it's going to take some time," he went on to say, regarding the Asset Recovery Plan, ""My belief -- and I've gone to several meetings now with the board -- is that it really will have a dramatic impact on unfreezing the credit markets" .
Hopefully, the combination of $700 billion & relaxed underwriting guidelines will help the American public and it's current mindset regarding home mortgage financing.
No doubt, we are in crazy times. As the Bush administration exits and a new adminstration takes over, I feel like that will also help with our disgruntled demeanor regarding the current status of our economy.
Bottomline......"gray skies are gonna clear up, put on a happy face."
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