Lawmakers are starting to wrestle with how to replace Fannie Mae and Freddie Mac, the mortgage giants that nearly collapsed at the start of the financial meltdown.

In September 2008, the government seized control of Fannie and Freddie — massive companies that purchase home loans, package them into investments and guarantee them against default. Since then, the government has pumped a combined $126 billion into the companies to keep them afloat.

House lawmakers Tuesday took tentative steps toward figuring out what to do next, holding their first hearing about how to restructure the mortgage system in the wake of the financial crisis. For the time being, the market is still resting on three government pillars: Fannie, Freddie and the Federal Housing Administration.

Last year, the two companies backed about 70 percent of all home loans, according to Inside Mortgage Finance, a trade publication. The duo also manage the Obama administration’s $75 billion loan modification program.

Rep Barney Frank, D-Mass., chairman of the House Financial Services Committee, said there is consensus about replacing Fannie and Freddie, but little agreement on what should take their place.  More….

This summer I met and helped a wonderful  family to purchase their fist home.   When I met them they were in the beginning stages if the adoption process.  Adopting a child is a very lengthy and is quite costly. 

They found a home that will give them a permanent, safe place to raise a family.  They now turn to our community to help them move forward in providing a home for a needy child.

There will be a benefit concert and silent auction Featuring the Folk music of Randy and Jenny Jones.   All proceeds and donations will go to the Spence Family.  Donations can still be received after the concert.

Concert will be November 8th

at 7pm

2304 Zanker Road

San Jose, CA 95131

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Adoption is greater than the universe….it was there before the universe, it is above the universe, and it is the purpose of the universe…- John Piper

Plans to buy $700B in troubled assets wins an initial OK. Backers are hoping add-ons will yield more yes-votes in the House.

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I am always out looking for deals for the first time homebuyer but these Silicon Valley home prices sure make it hard for your average Joe and Joanne to afford their first home. That is not to say that there are no great opportunities in this market. Just the other day I came across something spectacular. There is a complex in Blossom Valley area that was previously a rental complex. It has since been purchased by Equity Residential who turned this complex into for sale condominiums. If you have read my blog on condo conversions this is very similar. However, they did not tear the structure down to the studs; so they do not boast this complex to be a condo conversion.

One bedroom units start at just $299,000 and the two bedroom units are starting at $356,000. The Square footage ranges in size from 699-901.

Now I know what you’re thinking…….”I can already find units for this price”. You are right you can but these units are all completely remodeled in-side and out. Not just one unit in the complex but all the units have been remolded from top to bottom. This gives the look and feel of new construction and a new community. Equity Residential has gone to great lengths to see that the re-done clubhouse has top of the line exercise equipment. I found it to be styled very tastefully. When you walk into these units you too will be impressed!! You can enjoy granite countertops, stainless steel appliances, maple cabinetry, in home washer and dryer, and more all standard.