Here it is, then.  It’s all we’d said it would be.  Here are the details, arranged in a nice little side by side comparison for your viewing pleasure.  All that now remains is the Presidential signature.

Realtors are really excited about this because it keeps the gravy train rolling until April.  Me, I’ve got mixed feelings.  It is nice to have escrows closing every now and then, paying the bills is a good thing.  It would have been better to allow the market to reach the bottom which it won’ t do for a while given these temporary incentives.  Jobs.  It all comes down to jobs.  Without jobs there won’t be money for people to pay their mortgages.  Jobs, jobs, jobs.

Here it is, I guess at some time we knew it was coming.  Here’s the plan that will drive thousands of lenders out of business and drive all (at least residential) real estate lending to a handful of big banks.  It’s all at the link. Having taken TARP money, now the big players get to end all  competition.  Sort of like health care, who needs 1300+ health insurance companies in this country?  Why, nobody!  Why do we need thousands of independent mortgage lenders?  No reason.

One of the peculiar things about big banks is that they can, and do, do what smaller lenders can’t.  Break the rules.  Over and over again I see prospective buyers who can’t get a loan using a loan broker because the simply don’t qualify run down to Bank of America or Chase and walk out with loan approval.  They then go buy some property which they will likely lose because they don’t have the economic horsepower to pull the loan for 30 years.  The only way a bank can lend these people is by completely disregarding sane lending guidelines and standards.

But that’s OK.  The loan officer, got a commission.  So did the real estate broker, but that’s secondary.  Like dogs to vomit the banks are doing the same thing that ran the bubble up, popped it and nearly wrecked the worldwide financial system.  So long as the big boys are getting their cut all is well with the world.

What’s really cool about it is that it is all being done sub rosa, on the QT, the hush-hush.  Why should you, the American Public know anything about this?  You aren’t getting any of the payola anyway and, if you’re halfway smart, you’ll have already stocked up on K-Y Jelly.

You there!  Yes, I’m talking to you, Taxpayer!  Front, center and assume the position!