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H.R. 384, The TARP Reform and Accountability Act of 2009 (31 comments ↓ | 7 wiki edits)
H.R. 384 would reform the Troubled Assets Relief Program of the Secretary of the Treasury and ensure accountability under such Program.
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Visitor Comments 
Jim Kennedy
January 11, 2009, 3:21pm (report abuse)We need to purchase troubled assets, help main street America prevent foreclosures, which will stop causing property values to drop further, I have read FDIC plan, and is not clear on the NPV model, don't you need an appraisal to understand the underlying value. Is there another model out there to compare? Something has to be done fast, before we are in Depression #2
Joel Ward
January 11, 2009, 8:08pm (report abuse)To answer your question, yes the Mo Mod model addresses valuation from the appraisal side. It appears that Real Estate Appraisers along with bankers built the platform. This would define true underlying value. If Mo Mod can deliver ground floor value like everyone is talking about, we are on our way to recovery.
Concerned
January 12, 2009, 8:17am (report abuse)With a platform that will support correct mortgage modifications, it is a win/win for everbody including the taxpayer. When someone defaults because loss of job, economy falls, or other problems, we all suffer. Once proper valuation is known and correct modification is in place then the marketplace will take a foothold on prices. This has to be done in mass scale to work. I saw the Mo Mod platform, It stresses proper valuation and LTV, which protects the taxpayer along with knowing what the correct portfolio of assets are worth to a bank or financial institution. Watch the data, it is scary and you are not seeing all of it, because Wall Street would tank another 2000 points, I pray that something happens! QUICK
Investor
January 12, 2009, 9:05am (report abuse)I read Sheila Bair's Indymac Bank model and it shocked me to see a BPO or AVM will pass as the asset valuation test portion of her equation. Someone must be getting paid off from the NAR that pushes BPO's. It is illegal in 24 states what FDIC is proposing to produce. Someone needs to step up to the plate and speak out, or we will be in a bigger mess than we are right now. Wall Street is very concerned on asset value, this is why Fannie and Freddie are trading at .45 cents per share. Fix the problem the first time around. I saw the Mo Mod platform and it makes total sense, using proper valuation to validate a modification or default.
DC Insider
January 12, 2009, 9:10am (report abuse)When declining affordability finally began to take its toll on the demand for homes and thus on house prices,borrowers could no longer rely on home-price appreciation to build equity; they were accordingly unable to refinance.Many of these borrowers found it difficult to make payments at even the introductory rate, much less at the higher post-adjustment rate. The result,has been rising delinquencies and foreclosures, which will have adverse effects for communities and the broader economy as well as for the borrowers themselves. When a systematic approach like the Mo Mod takes place, ground floor stabilization will occur. Great post above, how is a bank, financial institution or government going to lend dollars when the asset in question, they don't know what it is even worth, I agree with previous posts, sound techniques are needed in this time of crisis. Everything I have read about Smithfield's Mo Mod, is total realization,common sense, proper protocol and protects the taxpayer.
Lorri T.
January 12, 2009, 9:31am (report abuse)We need to do this right the 1st time around, what I have read about the Mo Mod, this could answer many questions that deal with proper modifications
S. Randolph
January 12, 2009, 10:53am (report abuse)I agree with others about a rapid deployment of going back to the basics. When you have the flu, you go to the doctor, this country has more than the flu, we need specialist's to cure the problem and fast. I read about Mo Mod platform, This is what banks and financial institutions did 25 years ago and it works. Why can't the government see the clues that the system is broken. We need Dr. Mo Mod for the miracle cure.
TARP II
January 12, 2009, 11:32am (report abuse)Title II of Tarp II deals with foreclosure mitigation. This needs to be done with proper oversight and accountability to taxpayers. Round 1 of TARP covered all Wall Streets friends with bonuses and stock options. Please do something for the homeowner, I like the Mo Mod name, what I seen it will work. Go Mo Mod
Kevin Pope
January 12, 2009, 11:59am (report abuse)TARP II needs to address property values and homeowners, finally something is going to get done about this serious illness. I like the above post about Dr. Mo Mod
More on Mo Mod
January 12, 2009, 1:28pm (report abuse)I saw the information on Smithfield's Mo Mod. It looks like proper valuation does occur, which would provide proper oversight and accountability to government and taxpayer. It appears that rapid deployment can happen for Main Street, we need something
TARP II
January 12, 2009, 2:29pm (report abuse)Finally someone is going to do something about foreclosures. They should have done this at first as Tarp I was approved. I am tired of watching my property values disappear
Foreclosure Help
January 13, 2009, 4:26am (report abuse)A total program needs to be systematic in nature, offer oversight and total accountability while addressing valuation, proper mortgage modification and protection to the taxpayer. If the Mo Mod program as mentioned above does that, I am all for it, Washington needs to also address putting stop gap measures in place concerning Wall Street along with everybody else putting the hand out to get paid. The root of all this mess is the housing arena, cure this problem and we are on the way to recovery
Jason Kennedy
January 13, 2009, 11:44am (report abuse)I checked out the Mo Mod piece from Smithfield. It answers all the questions, and appears it protects the taxpayers with proper valuation which is a vital aspect to any program working. I assume that Treasury and FDIC knows about Mo Mod, it connects the dots needed in any campaign
alvin black
January 13, 2009, 11:04pm (report abuse)If in line with causal continuance (Lawrence Livermore rad lab causal science)
D. Jennings
January 14, 2009, 8:22am (report abuse)I watched the news concerning the H.R. 384 bill. It appears nothing is being done, and not going to be done. It appears the president elect will put a halt on foreclosures until a plan is adopted and implemented. I am going to research this Mo Mod platform, maybe this answers alot of the questions I had yesterday
Worried
January 14, 2009, 6:00pm (report abuse)Does the H.R. 384 have a exit strategy for mortgage modifications, the plan FDIC does not have one.
Gary P
January 14, 2009, 6:20pm (report abuse)I would like to know more about this Mo Mod platform, the above post talk about, if this is the answer, let's look at this model and let the experts look at it also
Git it done
January 15, 2009, 10:27am (report abuse)When is help for the homeowner going to occur? All the bills and laws everybody is talking about does nothing for the homeowner. B of A said they will be short cash to buy Merrill Lynch, too bad, how about the guy fixing to lose his home, I bet he is so worried about Bank of America not having cash, I like the Mo Mod name, let the experts cure the problem and not allow government to stick all forty thumbs into this mess!
Joe S.
January 16, 2009, 5:12pm (report abuse)Why would the government risk spending all this taxpayer money on troubled assets collateralized by a BPO? Like the above poster stated, a BPO is ILLEGAL in 24 states. Shouldn't we use a model based on SOUND valuation principles, like the MO MOD? We need a solution, not another money pit. The MO MOD sounds like the right tool to get the job done.
FDIC Mo Mod
January 17, 2009, 9:12am (report abuse)Like other post's above, I checked out the Mo Mod, it sounds like proper valuation, which maybe Bank of America needed the Mo Mod before asking the taxpayer to insure another 180 BILLION DOLLARS, someone needs to be accountable for valuation, sounds like the Mo Mod is what the doctor ordered!
Claude J.
January 17, 2009, 9:15am (report abuse)Proper valuation, risk management, proper underwriting, this was the basics the country was built on, if Mo Mod provides that get it going, before housing is at zero
U.S. Citizen
January 17, 2009, 6:03pm (report abuse)We need accountability, oversight and basically a program that will work, that creates housing stability, which until this is fixed (housing) everything will continue to go down. I will look into the Mo Mod as posted above, if it has all of the elements that we need, GO FOR IT! Talk is all we are getting from D.C. right now, will my biggest asset is losing value every day. I am sick and tired or all the waiting, will the banks have taken the taxpayer money real quick
S. Louis
January 18, 2009, 8:58am (report abuse)Perhaps the key question for any administration is how to buy these troubled assets, and how much to pay. The government cannot reasonably buy all the troubled assets in the marketplace. Instead, officials hope to restore a market for them by setting a minimum value -- the price that the government is willing to pay. If the Mo Mod can do that, we need to get this thing going, every day will be worse on banks until something is done.
FDIC vs. Treasury Showdown
January 19, 2009, 12:37pm (report abuse)We need to fix the housing part first, then everything else will fall into place. Proper valuation is needed along with risk analysis and proper underwriting for this thing to work properly, I personally checked out the Mo Mod from Smithfield, it appears it has all the tools needed to perform this major investment correctly. We keep asking for an answer, lets look at the Mo Mod platform and see if it will work, being in the banking industry it sounds promising
WE NEED SOMETHING
January 20, 2009, 1:57pm (report abuse)Watching bank stocks come down to historic lows, It looks like a run on the banks soon, I would welcome Smithfield's model, and hope it addresses buying illiquid assets also, we need something very quickly or this country will be finished
J. Fillmore
January 21, 2009, 2:05pm (report abuse)I agree, we need something quick, this TARP program keeps dragging the economy in the tank because it was supposed to go to housing and it did not. When is someone going to take a stand and explain to homeowner, taxpayer and wall street how to get out of this mess. Maybe the Mo Mod can do it!
A.L. MC FEE
February 4, 2009, 5:33pm (report abuse)ALL I NEED TO KNOW IS HOW DOES IS TANF EFFECT ME OR WILL IT HELP ME STAY IN MY FORCLOSED HOME?
Jim
(logged in user) March 9, 2009, 6:49am (report abuse)Do you think that this legislation will be passed before they power through the whole 700 Billion dollars? Foreclosure prevention is already being sidetracked by the "plotititions"
DLB11
March 15, 2009, 3:44pm (report abuse)So this has passed the House - what is the status with consideration by the Senate/being put into law?
guess what
April 7, 2009, 10:43pm (report abuse)this bill came from ACORN check out their website under press... they are taking credit for this stating they sent to Obama during transition via memo. Who is running this country?? Should not pass.
NO
April 10, 2009, 11:42pm (report abuse)NO BE RESPONSIBLE YOU NEED TO OWN YOUR OWN PROBLEMS FREEDOM
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Cost Estimates for This Week’s Bills
Cost estimates for bills on the floor this week have been published and incorporated into our database. H.R. 384, the TARP Reform and Accountability Act of 2009, saves the average U.S. family a little over $80. (Which is nice until you realize that the...