MaryAnn Dempsey: The American Dream still remains the core of the Home Ownership Dream

Sunday, December 12, 2010

The American Dream still remains the core of the Home Ownership Dream

Fannie Mae studies, reveal that the majority if Americans are still aspired to owning their own home and for very good reasons. By owning a home, it is critical to financial stability and it is certainly wealth building for the homeowner. Every home serves as a forced savings account and can provide a solid asset for a homeowner, as well as a place to call home. I am sure you are continuing to hear all about the market upheaval, but the vast majority of Americans still see that home ownership is to be more important to the economy and preferable to renting. Since the World War II, promoting home ownership has been very high on the list if our Federal Goverment's priorities, and will continue to do so for many many years to come. For more reasons why now is a great time to buy a home, call and or email me and I will send you your free ebook.

This blog is soley on my opinion and what I have heard through the market news.

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Report: U.S. Investigating S&P Over Mortgages

Another investigation as to whether Standard & Poor's improperly rated dozens of mortgage securities in the years before the financial crisis. The investigation began before S&P a downgraded long-term U.S. debt from a AAA rating to AA-plus this month. In the mortgage investigation, the Justice Department is asking about instances in which S&P analysts wanted to assign lower ratings to mortgage bonds but may have been possibly overruled by S&P business managers. Why would the Justice Department spokesman decline to comment on the story? S&P is not immediately responding to calls. It is not clear as to whether the Justice Department investigation is also involving other ratings agencies, such as Moody's Corp. and Fimalac SA's Fitch, or only S&P. I guess the paper quoted someone for S&P, via email that the agency had received several requests from different government agencies over the last few years and that it was cooperating with these requests. Despite the outcry over the ratings agencies' failures in the financial crisis, investors still rely heavily on ratings from the three main agencies for their purchases of sovereign and corporate debt, as well as other complex financial products. Some companies and some countries, but not the U.S., pay the agencies to receive a rating. For decades, the government issued rules that banks, mutual funds and others could rely on a AAA stamp of approval for investing decisions - which bolstered the agencies' power. A successful case or settlement against a giant like S&P could accelerate the shift away from the possible traditional ratings system. For instance, maybe the Dodd-Frank financial reform overhaul sought to decrease the emphasis on ratings, but bank regulators have been slow to spell out how the reform would work. S&P has been under fire from lawmakers, market players and the Treasury Department since its decision to cut the U.S. credit rating. The Securities and Exchange Commission was also reviewing whether S&P followed all of its policies leading up to the credit downgrade, according to sources familiar with the review. This blog is soley my opinion from the facts I have gathered via, the news only.

MaryAnn Dempsey

Sunday, December 12, 2010

The American Dream still remains the core of the Home Ownership Dream

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