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In his continuing — and usually fruitless — quest to prove that he is right, Steve finally finds one self-proclaimed “idiot” that got caught by the Real Estate Bubble:

You can view the entire youtube story of a Man and his McMansion and their parting of ways: Click Here

If you missed the controversial “idiot” debate on the lawlite podcast, listen in to “Chapter 5 of Book 2: The Foreclosure Meltdown“

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Dateline Washington DC - November 12, 2008:  In this Supplement to Book 2, we begin to learn what the Feds have planned for the $700 Billion of our money.

Note: This supplement has been included in the entire Book 2: Foreclosure Crisis podcast — for those who just can’t get enough crisis in their lives.

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Steve takes the lead in this podcast as he and Shannon attempt to tackle the foreclosure meltdown crisis by covering the recent major legislation being passed by both Congress and California legislation.

Listen to the audio clips from the Podcast:

• Chapter 1: “Over The Waterfall”
• Chapter 2: “Congress’ First Housing Rescue Bill - The Little Bailout”
• Chapter 3: “California’s Entry Onto The Scene: SB 1137″
• Chapter 4: “Congress Comes Up With A $700B Bailout: The Big Daddy”
• Chapter 5: “Who Falls Through The Cracks”
• UPDATE: “Never Mind”

The Music of Law Lite:

• “I Aint Got No Home” (Dr. Hook & The Medicine Show)
• “Brother Can You Spare A Dime” (Instrumental - Laura Silverstein)
• “I Aint Got No Home” (Woody Guthrie)

LATEST UPDATES/NEWS:

•  March 5, 2009:  President Obama Announces “Making Homes Affordable” Loan Modification Program:  See Safeguard Properties UPDATE [See also: Summary of Guideline from Treasury Dept.]

Mortgage Crisis Resources:

• The Homeownership Preservation Foundation (http://www.995hope.org): This is a 501(c)(3) nonprofit which creates partnerships with local governments, nonprofit organizations, borrowers and lenders to help families overcome obstacles that could result in the loss of their homes.
• HOPE NOW (http://www.hopenow.org), formed with the encouragement of the Department of the Treasury and the Department of Housing and Urban Development, is an alliance between counselors, mortgage market participants, and mortgage servicers to create a unified, coordinated plan to reach and help as many homeowners as possible.  The members of this alliance recognize that by working together, they will be more effective than by working independently. 
• NeighborWorks America® ( http://www.nw.org): In October 2005, the Homeownership Preservation Foundation joined with NeighborWorks America® to provide grant funds to support successful face-to-face counseling provided by NeighborWorks to local homeowners. NeighborWorks America’s Center for Foreclosure Solutions, together with HPF and major mortgage lenders, led the introduction of the 2007 Ad Council national campaign.
• USA Cares (http:///wwwusacares.org): The Homeownership Preservation Foundation partnered with USA Cares to offer military homeowners free financial advice and access to up to $1.2 million in grant funds for families experiencing mortgage difficulties.  USA Cares is a national nonprofit organization dedicated to assisting military homeowners and their families, particularly those who have recently been or are currently deployed in overseas military operations.
  

Some “Lite” Reading & Links to Resources:

• FDIC IndyMac Loan Modification Program:  Click Here
• Toll-Free HUD Hotline: (800) 569-4287
• Full-Text Version of the $700B Bailout: “The Economic Stabilization Act of 2008“
• Full-Text of California’s Mortgage Foreclosure Bill:  SB 1137
• HUD Fact-Sheet: FHA-provided Mortgage Assistance
  

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