Friday, December 31, 2010

FHFA Reports on Enterprise Foreclosure Prevention Activity

The Federal Housing Financing agency reported there have now been over a quarter million permanent mortgage loan modifications for Freddie Mac and Fannie Mae mortgages arranged under the Home Affordable Modification Program. While it was substantially below the 88,600 permanent modifications achieved during Quarter II, 35,400 trial modifications were converted to permanent status in the third quarter, bringing the total to 260,000 over the 18 months since the program began. FHFA's Third Quarter 2010 Foreclosure Prevention and Refinance Report issued on Monday includes information on all of the foreclosure prevention efforts undertaken by the two government sponsored enterprises (Enterprises) Freddie Mac and Fannie Mae, including HAMP, the Home Affordable Refinance Program (HARP,) and other...(read more)

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Source: http://www.mortgagenewsdaily.com/12212010_enterprises.asp

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At the United Nations Security Council, Young People Speak Up

UN Security Council and Youth 1

U.S. Ambassador Susan Rice leads a special UN Security Council event in New York City.

On December 21 at the United Nations, Ambassador Susan E. Rice presided over an unprecedented meeting between the United Nations Security Council and a packed house full of young people representing China, Austria, Japan, and the four corners of the UN’s own diverse back yard – Lower Manhattan, Harlem, Brooklyn and Queens.

The subject of debate? Future threats to global peace and security.

More than four months had passed since President Obama kicked off a forum with young African leaders by reasoning that the world’s young people – “who are going to be providing the energy, the new initiatives, the new ideas” – deserve a seat at the table.

With “Voices of a New Generation,” which began with an appeal by Ambassador Rice to send videos and essays on matters of peace and security, the United States introduced the same concept within the halls of the United Nations.

“Your lives are being shaped and sculpted by a world of challenge and change,” Ambassador Rice said in her opening remarks on Tuesday. “And by bringing your voices into this room, we remind ourselves not only that real lives are at stake in our deliberations. We remind ourselves that we, the grown-ups, are only the temporary stewards of the Earth, and that we owe it to you, the next generation, to provide a more peaceful world of growing prosperity, equality, democracy, and opportunity.”

UN Security Council and Youth 2

Students listen as members of the UN Security Council speak during a meeting with young people in New York City.

Ambassador Rice then introduced three videos, concluding a two-week-long review of more than 900 entries from more than 90 countries. They belonged to:

Responding to the videos, Council members addressed the concerns of these young people: the link between economic development and security, the persistence of gender inequality, the root causes of terrorism. Later on in the program, she introduced a video montage of submissions from 13 others who were exceptionally original and relevant to the matters at hand. You may view the montage below:

“I hope this is not the last time that the Security Council has the opportunity not just to hear from young people,” Ambassador Rice said, “but to work on behalf of young people, very consciously and very directly.”

Source: http://www.whitehouse.gov/blog/2010/12/22/united-nations-security-council-young-people-speak

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News Hub Extra: Home Sales Drop Surprises Analysts

WSJ's Mitra Kalita discusses October's U.S. housing price decline with Yale University economics professor Robert J. Shiller, who says the struggling housing market will likely continue to weigh on the overall economy.

Source: http://online.wsj.com/video/news-hub-extra-home-sales-drop-surprises-analysts...

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Ending Don't Ask Don't Tell

Today, I had one of those “once in a lifetime” moments.  As I sat in the Senate Gallery with my bosses, White House Senior Advisor Valerie Jarrett, Deputy Chief of Staff Jim Messina and Director of the Office of Public Engagement Tina Tchen, I saw history being made as the US Senate voted 65 to 31 to pass the Don't Ask, Don't Tell Repeal Act of 2010.  I am proud of the many leaders in Congress and all those who have worked to put an end to DADT.  And I’m proud of the President for his leadership on this issue.   It has been a long time getting here and it has been a struggle – but as the President has said many times, “Change isn’t easy.” But today we took a huge step forward to set right a wrong.

Last December about this time, I was at a small event in the Roosevelt Room.  The President was just getting ready to leave for the Christmas Holiday.  He walked over to me and without missing a beat, put his hand on my shoulder, and I will never forget what he said to me – unsolicited -- “We are going to end Don’t Ask Don’t Tell.  We have a little bit of work to do still, but we are going to get it done.”  A month later, in his first State of the Union Address, the President said, “This year, I will work with Congress and our military to finally repeal the law that denies gay Americans the right to serve the country they love because of who they are.  It’s the right thing to do.”

Now I am sure that there will be many stories written about what happened and how we got here, but for me, the key part of the story that I will never forget is that commitment from the President.   Nor will I ever forget the brave men and women who have served with distinction who also happen to be gay or lesbian.  Throughout the course of this effort, I have been privileged to meet some amazing heroes who just wanted to serve their country.  I will carry their stories with me for the rest of my life.

Earlier today, The White House released a statement from President Obama on the end of Don't Ask Don't Tell,  in which he said "It is time to recognize that sacrifice, valor and integrity are no more defined by sexual orientation than they are by race or gender, religion or creed."  Read the entire statement here.

Source: http://www.whitehouse.gov/blog/2010/12/18/ending-dont-ask-dont-tell

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Election Over, Problem Remains: Debt and Deflation Risks


The election is over. Republicans are on a roll. But the economy remains in the ditch.

The election, unfortunately did little to clarify the economic problem we face. Which is: We are in a hole. The hole was caused by too much borrowing and the collapse of asset prices (housing, commercial real estate, fancy financial products.)

The hole is deep. U.S. households took on almost $7 trillion in debt from in the seven years before the bubble burst. That's not something that goes away quickly.

Pimco's Mohamed El-Erian put it well in today's Washington Post:

As a whole, the United States is still overcoming the legacy of years of over-leverage and misplaced confidence that consumption can be financed by borrowing rather than earnings. The resulting debt overhangs act as strong headwinds to growth and employment generation.

So where are we now? Businesses are getting back, sitting on cash and waiting for things to get better. Consumers are paying down debts and saving more and waiting for things to get better. And unemployment is hovering near 10%.

Investors are shunning risk, throwing money at safe investments like Treasury bonds.

The problem is that, as consumers and businesses hang back, demand stagnates and prices fall. Thus we are flirting with deflation.

How do you change this? Democrats tried stimulus. It made a lot of sense. With everyone else pulling back, government could step in and create temporary demand in sectors like construction that were crushed.

Did it work? Critics on the right say no, it was a hodgepodge of the left's favorite pet projects that failed to do the job. Critics on the left say the stimulus was not big enough.

What about Republicans? They want to cut government and cut taxes to boost private investment. Problem is, cutting $100 billion out of spending amounts to cutting 0.7% out of an economy that is now growing at just 2%.

And remember the risk aversion? Those getting tax cuts are highly likely to save the money, sending it back to the federal government in the form of an investment in Treasury bonds.

This is not an encouraging analysis, but it fits the facts. The analysis is not all in yet, but the election was a reaction to Democrats not getting the job done. But I am not sure the election has clarified the economic task ahead. How do we get out of the hole?

Source: http://www.pbs.org/nbr/blog/2010/11/election_over_problem_remains.html

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HUD Awards Extra Funding to Housing Counselors

Secretary of Housing and Urban Development (HUD) Secretary Shaun Donovan has announced the award of $73 million in housing counseling grants to more than 500 national, regional, and local organizations. The grants represent an increase of $13 million or 22 percent over last year's funding. According to HUD, the funds will permit hundreds of thousands of households a greater opportunity to find housing or keep their existing homes. Donovan pronounced the HUD-approved counseling agencies a critical part of the nation's housing recovery. "These organizations are on the front lines of helping families who are desperate to remain in their homes," he said. "Now, more than ever, it's crucial that we support these agencies that are working with struggling families on a one-to-one basis to manage their...(read more)

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Source: http://www.mortgagenewsdaily.com/12272010_hud_housing_counseling.asp

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China Builds an Aircraft Carrier. Peaceful Rise?


On the last night of our visit to China a few years back, we took our crew out to dinner for a final celebration. Our Mr. Jong, our driver, told us that he had been one of China's few fighter pilots during the 1979 war with Vietnam. China's war with Vietnam did no go any better than ours.

Mr. Jong told us the Vietnamese beat the Chinese so quickly at the border that he and a handful of other pilots were ordered to Beijing to defend the city against the air attack the Chinese leadership feared would soon follow. It was another humiliation for a proud country where elites refer to the 19th century colonial period as a "century of humiliation."

After telling us this story, Mr. Jong grew wistful, telling us he hoped that one day he would live to see China build an aircraft carrier of its own so it could become a mighty nation.

Mr Jong may soon be getting his wish. The Chinese government today confirmed plans to develop into a naval power, complete with an aircraft carrier.

For years China has assured the world it intends a "peaceful rise." Developing what the military calls a "blue water navy" capable of operating far from China's shores will inject new uncertainty and tension into geopolitics. After all, the United States has a pretty big navy that operates around the world. What happens when these two navies bump up against each other?

I'm not sure I want to find out.

Republicans in the new Congress will take notice of China's ambitions. A complicated relationship is about to get more interesting. What do the Chinese say about living in "interesting times?"

Source: http://www.pbs.org/nbr/blog/2010/12/china_builds_an_aircraft_carri.html

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5 surprising facts about HOA defaults

Federal Home Loan Bank Proposals Aim to Reinforce Housing Finance System

Last week the Federal Home Finance Administration issued an Advanced Notice of Proposed Rulemaking (ANPR) which outlines proposed changes in membership requirements for Federal Home Loan Banks (Banks). The 12 Banks, regionally dispersed throughout the United States, were originally organized in 1932 under the Federal Home Loan Bank Act to provide a reserve banking system for thrift institutions to support their residential mortgage lending activities. The Banks are established as cooperatives. Membership allows institutions access to secured loans or advances to fund mortgage lending. Community Financial Institutions (CFI, defined below) and Community Development Financial Institutions (CDFI) can use advances for loans to small businesses, farms, and agribusiness and for community development...(read more)

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Source: http://www.mortgagenewsdaily.com/12272010_fhlbanks_fhfa.asp

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Carports reclaim their cool

NAR Sees Gradual Housing Recovery Based on Several Assumptions

The National Association of Realtors released the Pending Home Sales Index for November today. NAR's Pending Home Sales Index measures the number of home purchase contracts that were signed in the monthly reporting period. Once "pending" sales contracts are closed, they are considered an Existing Home Sale. Because the Pending Home Sales index tells us how many contracts were signed, it is considered a forward indicator of Existing Home Sales. A signed contract is not counted as an Existing Home Sale until the transaction actually closes. Excerpts from the Release... Pending home sales rose again in November, with the broad trend over the past five months indicating a gradual recovery into 2011, according to the National Association of Realtors®. The Pending Home Sales Index, a forward...(read more)

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Source: http://www.mortgagenewsdaily.com/12302010_pending_home_sales.asp

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Usher Shops For A New Penthouse in NY?s Financial Distict

The Collection, an Armani/Casa designed building at 20 Pine St in New York, caught the Grammy-winning eye of Usher. Our records show that Usher (shortened from Ursher Raymond) currently resides in a 12,544-sqft mansion in Roswell, GA (pictured above). He purchased the property in 2007 after selling his 5-bedroom estate in Apharetta, CA earlier that [...]

Source: http://www.zillow.com/blog/usher-shops-for-a-new-penthouse-in-nys-financial-distict/2010/12/29/

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Housing Starts and Building Permits Bounce Around All-Time Lows

The U.S. Census Bureau and the Department of Housing and Urban Development have released New Residential Construction statistics for November 2010. Housing Starts data estimates how much new residential real estate construction occurred in the previous month. New construction means digging has begun. Adding rooms or renovating old ones does not count, the builder must be constructing a new home (can be on old foundation if re-building). Although the report offers up single family housing, 2-4 unit housing, and 5-unit and above housing data, single family housing is by far the most important as it accounts for 70-80% of total home building (which might be shifting more toward multi-family in the years ahead). Building Permits data provides an estimate on the number of homes planning on being...(read more)

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Source: http://www.mortgagenewsdaily.com/12162010_housing_starts_building_permit.asp

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And Now Some Thoughts from a Man Who Made Decisions that Impacted Your Life and Your Wallet: Don Kohn Speaks!

For 40 years, Don Kohn helped shape this nation's monetary policy. He was Alan Greenspan and Ben Bernanke's right hand man. Every fed policy statement ever written, was shaped by Don Kohn, who recently retired from the Fed's #2 job. So it was a special pleasure to sit down with Kohn on the day the October employment report came out and talk about jobs and how the Federal Reserve hopes to help create more of them.

Source: http://www.pbs.org/nbr/blog/2010/11/federal_reserve_bonds_don_kohn.html

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Repealing DADT: "History Making"

This morning, hundreds of people came together to watch as the President signed the repeal of Don't Ask, Don't Tell into law.  Throughout the week, media outlets across the country have called the repeal a significant moment in civil rights history.  Here a few of the online posts and editorials we've seen.

Andrew Sullivan, The Atlantic: Obama's Long Game: 65-31

“Without the Pentagon study, it wouldn't have passed. Without Obama keeping Lieberman inside the tent, it wouldn't have passed. Without the critical relationship between Bob Gates and Obama, it wouldn't have passed. It worked our last nerve; we faced at one point a true nightmare of nothing ... for years. And then we pulled behind this president, making it his victory and the country's victory, as well as ours.”

Milwaukee Journal Sentinel: Making good history

“When Obama signs a bill repealing the military’s ‘don’t ask, don’t tell’ rule, it will be an event as significant for gay rights as President Harry Truman’s order integrating the U.S. military was for black Americans. Obama’s signature will mark historic progress for a nation that has for too long denigrated gay Americans. Our hope is that it is the death knell for one of the last frontiers of bigotry.”

Denver Post: For gays in the military, a measure of equality

“A basic civil right will finally be extended to thousands of men and women serving our nation in the military.”

Detroit Free Press: Another policy of prejudice rejected

“[F]or anyone whose soul is still stirred by the words of America's founding declaration, the end of DADT marks a monumental step toward the equality and justice its drafters sought to secure. And the process by which it was achieved highlights both the enduring strength of the American democratic process and the wisdom of its current stewards.”

Seattle Times: Gays in the military, an injustice repealed

“This is history making on the order of racial integration of the armed services and expanded roles for women in uniform.”

Los Angeles Times: 'Don't ask, don't tell': lessons of a long fight

“Support for repeal among the public and in Congress also reflected changing attitudes that can be credited not only to gay rights campaigners but also to ordinary gay and lesbian Americans who, by embracing their identity, made it harder for their friends, families and co-workers to cling to anti-gay prejudices.”

Las Vegas Review Journal: Closing this chapter

“President Obama is correct that sexual orientation places no limits on the ability of an American to display strength, courage and character. Despite the prohibition, gays have served and fought honorably in many armies -- and have essentially been integrated in the military for decades. Irrational prejudice is a thing to be confronted and overcome.”

Louisville Courier-Journal: Repealing bigotry

“’It is time to close this chapter in our history,’ Mr. Obama said last Saturday. ‘It is time to recognize that sacrifice, valor and integrity are no more defined by sexual orientation than they are by race or gender, religion or creed. It is time to allow gay and lesbian Americans to serve their country openly.’  A lot had to happen for an American commander in chief to be able to make that remarkable statement. Public attitudes had to change, and they have. Brave men and women had to risk everything in trying to end this discrimination, and they did. Public officials had to stand against storms of criticism, and they stood. The military establishment had to rectify a long-standing injustice, and it bent toward justice.”

AMERICAblog Gay: Tanya Domi: 'we stand on the shoulders of many who have not lived to see this day'

"But ultimately this vote and ultimate victory, belongs to the veterans and active duty service members who would not relent to the inaccurate political belief that we should not allow gays to openly serve during the course of two ongoing wars."

Miami Herald: So long, 'don't ask, don't tell'

“At least 25 nations allow gays and lesbians to serve in the military -- including Great Britain, Canada and Israel. Surely, the time has come for the United States to adopt the same enlightened policy. With two ongoing wars, the U.S. military simply can’t afford to exclude any individual able and more than willing to serve.”

Virginian-Pilot: Good riddance to ban on gays

“The military will adapt to this change, just as it did to racial integration and to allowing women to serve. In both those cases, critics predicted the sky would fall. It didn't. It won't this time, either.”

Pittsburgh Post Gazette: Victory in battle: Reason and equality win on 'don't ask, don't tell'

“The majority of military men and women surveyed, plus the top brass, said they favored repealing the policy. Defense Secretary Robert Gates and Adm. Mike Mullen, chairman of the Joint Chiefs of Staff, supported ending ‘don’t ask, don’t tell.’  What counts is that a good soldier is a good soldier.”

Houston Chronicle: A salute: Finally, all American troops can serve their country openly

“It (the repeal vote) was a rare display of principle over politics, especially in the bitterly divisive climate of this rough-and-tumble lame-duck session.  Good for them, good for our troops, and good for our country. Let's hope it's catching.”

New Orleans Times-Picayune: Allowing gay men and lesbians to serve with integrity

“Gay men and lesbians are already demonstrating their valor and patriotism in the armed forces, something that members of the military clearly recognized, based on their responses in a recently released Department of Defense report. Allowing them to do so honestly is only right.”

Billie Jean King, The Huffington Post: Repeal of Don't Ask, Don't Tell Is a Big Deal

"I am proud to be an American and I am honored to have the men and women who serve in our armed forces put their lives on the line to protect our nation. Their race, gender or sexual orientation does not matter to me. What matters most is their commitment to our country.  And that is a big deal."

Towleroad: Photo: Crowd Awaits Obama 'DADT' Signing Outside Dept. of Interior

 

 

 

 

Source: http://www.whitehouse.gov/blog/2010/12/22/repealing-dadt-history-making

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The President's Press Conference: "The Most Productive Post-Election Period We?ve Had in Decades"

In the opening remarks of his press conference, the President lamented the fact that the DREAM Act was successfully obstructed by Republicans in the Senate, and readily acknowledged that there will be tough fights over how to cut spending where it's not needed while maintaining the investments critical to our economy and out future -- but nonetheless expressed hope in the massive slate of accomplishments from the last few weeks.

The list began with the New START Treaty on nuclear proliferation with Russia, which had just been approved by the Senate:

First of all, I’m glad that Democrats and Republicans came together to approve my top national security priority for this session of Congress – the new START Treaty. This is the most significant arms control agreement in nearly two decades, and it will make us safer and reduce our nuclear arsenals along with Russia. With this treaty, our inspectors will also be back on the ground at Russian nuclear bases. So we will be able to trust but verify;  and to continue to advance our relationship with Russia, which is essential to making progress on a host of challenges – from enforcing strong sanctions on Iran, to preventing nuclear weapons from falling into the hands of terrorists. This treaty will enhance our leadership to stop the spread of nuclear weapons and seek the peace of a world without them.

But that was only the beginning:

In the last few weeks, we also came together across party lines to pass a package of tax cuts and unemployment insurance that will spur jobs, businesses, and growth.  This package includes a payroll tax cut that means nearly every American family will get an average tax cut next year of about $1,000 delivered in their paychecks. It will make a difference for millions of students, and parents, and workers, and people still looking for work. It’s has led economists across the political spectrum to predict that the economy will grow faster than they originally thought next year.  

In our ongoing struggle to perfect our Union, we also overturned a 17-year old law and a longstanding injustice by finally ending Don’t Ask, Don’t Tell. As I said earlier today, this is the right thing to do for our security. And it is the right thing to do, period.

In addition, we came together across party lines to pass a food safety bill – the biggest upgrade of America’s food safety laws since the Great Depression. And I hope the House soon joins the Senate in passing a 9/11 health bill that will help cover the health care costs of police officers, firefighters, rescue workers, and residents who inhaled toxic air near the World Trade Center on that terrible morning, and the days that followed. 

So, I think it’s fair to say this has been the most productive post-election period we’ve had in decades, and it comes on the heels of the most productive two years we’ve had in generations.

Source: http://www.whitehouse.gov/blog/2010/12/22/presidents-press-conference-most-productive-post-election-period-we-ve-had-decades

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'Grow houses' an increasing menace

3 unsustainable trends looming large

7 fast fixes for floors

FHFA Reports on Enterprise Foreclosure Prevention Activity

The Federal Housing Financing agency reported there have now been over a quarter million permanent mortgage loan modifications for Freddie Mac and Fannie Mae mortgages arranged under the Home Affordable Modification Program. While it was substantially below the 88,600 permanent modifications achieved during Quarter II, 35,400 trial modifications were converted to permanent status in the third quarter, bringing the total to 260,000 over the 18 months since the program began. FHFA's Third Quarter 2010 Foreclosure Prevention and Refinance Report issued on Monday includes information on all of the foreclosure prevention efforts undertaken by the two government sponsored enterprises (Enterprises) Freddie Mac and Fannie Mae, including HAMP, the Home Affordable Refinance Program (HARP,) and other...(read more)

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Source: http://www.mortgagenewsdaily.com/12212010_enterprises.asp

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FHFA Issues Final Rules for GSE Portfolios, Equal Hiring, and FHLB Goals

The Federal Home Finance Agency FHFA) has issued the final rules for the three financial entities it oversees and an advance notice of proposed rulemaking for the Federal Home Loan Banks (Banks.) The three final rules, all of which have been through a period of public comment, concern GSE portfolio holdings, FHLBank and GSE inclusion of women and minorities, and FHLBank goals. The proposed rule pertains to membership in the FHLBanks and will be outlined in a separate article. GSE Portfolios FHFA is adopting without change the interim rule on portfolio limits promulgated in January 2009. This rule is identical to the portfolio limits specified in each of the Enterprise's Senior Preferred Stock Purchase Agreement (PSPA) with the Department of the Treasury which governs the terms of the conservatorship...(read more)

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Source: http://www.mortgagenewsdaily.com/12232010_fhfa_enterprises_fhlbank.asp

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Selling your home during the holidays (yes, it?s possible)

Thursday, December 30, 2010

Weekly Wrap Up: "Some Good News for the American People this Holiday Season"

A quick look at the week of December 13, 2010:

Quote: “We are here with some good news for the American people this holiday season,” said President Obama before signing the Middle-Class Tax Cuts Bill -- legislation that will prevent tax hikes on middle class families, keep the economy growing, and maintain lifelines for millions of those who are unemployed through no fault of their own. Watch the video.

Digg the White House: The White House is now on digg.com. Take a peek and start following us right now.

Holidays in Photos: Go behind-the-scenes as the White House celebrates the holidays in this photostream.

Healthy Kids: The President signs the Healthy, Hunger-Free Kids Act at a local DC school. The new law improves the nutritional value of school meals and increases the number of children eligible to receive them. Watch the President’s and the First Lady’s remarks.

The Night Before Christmas: The President reads to children at a local elementary school and the First Lady to patients, parents and staff at Children’s National Medical Center. Watch the video of the President here and the video of the First Lady here.

Elmo at the White House: Elmo joins Assistant White House Chef Sam Kass in the White House Kitchen to talk about healthy and tasty school meals -- and Elmo does the melon dance. Watch the video.

Lie of the Year: Politifact calls the claim that Health Reform is a "Government Takeover of Health Care" the lie of the year.

read more

Source: http://www.whitehouse.gov/blog/2010/12/17/weekly-wrap-some-good-news-american-people-holiday-season

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Dollars for Docs: A Word about Off-Label Prescribing, a $40 billion issue


The response to our Dollars for Docs project has been tremendous. Mostly positive, with some negative comments sprinkled in that we focused excessively on a relatively small number of problem cases.

Today, I wanted to touch a bit more on a key issue that lies behind all of our reporting on pharmaceutical payments to doctors: Off-label prescribing.

This is a complicated subject, but the gist of it is this: To get FDA approval, a new drug must be proven safe and effective. If the FDA gives the OK, a drug is given a label that spells out the specific disease or condition it may be used to treat.

But let's say a doctor figures out that a drug used to treat one disease has a benefit in treating another condition. That doctor is allowed to prescribe the drug for an "off-label" use, that is to treat a medical condition not indicated in the FDA-approved label. Some off-label uses are quite similar to the approved use for a drug, for example an asthma drug might be used to treat asthma-like symptoms.

Here is how the FDA describes the issue:


Once a drug or medical device has been approved or cleared by FDA, generally, healthcare professionals may lawfully use or prescribe that product for uses or treatment regimens that are not included in the product's approved labeling. . . . These off-label uses or treatment regimens may be important and may even constitute a medically recognized standard of care.

Critics of off-label marketing worry it's an easy way for drug companies to get around the FDA approval process.

I was surprised to learn that off-label prescribing may account for 20% of overall use. An 2006 article in the Archives of Internal Medicine found no more than 30% of off-label uses observed were supported by strong scientific evidence.

Among the drugs that were scientifically supported for off-label use, hypertension drugs were the most common. Though, the most common off-label uses were cardiac medications and anti-asthmatics.

How does this relate to drug company payments to speakers? It is illegal for a drug company to market a product for an off-label use. So if Company X hires a doctor knowing he or she will tout a drug for an off-label use, that is against the law. Indeed, there have been many legal settlements based on just this kind of marketing.

Much of the data in the database ProPublica put together on doctor payments actually came to light, because drug companies were ordered to release that information to settle federal lawsuits charging off-label marketing. More transparency on payments, regulators hope, will make it harder for drug companies to market drugs for off-label use.

If the article in the Archives of Internal Medicine is correct, patients could be paying more than $40 billion a year for drugs that are not scientifically proven to be effective.

Source: http://www.pbs.org/nbr/blog/2010/10/dollars_for_docs_a_word_about.html

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One Million Homes on the Holidays

Now that the cookies have been devoured and Santa has come and gone, we here at Zillow have been reflecting on the season and noticed that, more than ever before, people are flocking to Zillow Mobile during the holidays. It’s no surprise that weekends are typically peak times for mobile usage. Over the past year we’ve [...]

Source: http://www.zillow.com/blog/one-million-homes-on-the-holidays/2010/12/30/

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Trulia and RealtyTrac Recap

Related PostsLive Blogging: Trulia and RealtyTrac discuss consumer attitudes toward foreclosuresRealtyTrac reports 6% decrease in foreclosures for MayJuly ForeclosuresForeclosures and unemployment up + a glimmer of hopeCarnival of Real Estate

Source: http://feedproxy.google.com/~r/TruliaBlog/~3/gQDgGqUcYTc/

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FICO and NAR Debate Credit Scoring Model and Impact on Consumers

The National Association of Realtors® recently called on FICO, developer of the credit scoring model of the same name, to revise some of its computations. At issue is the alleged negative impact on consumers when banks and credit card companies unilaterally reduce or cancel credit lines, even when consumers are in good standing on those accounts. An NAR spokesman said that FICO's software is "unable to differentiate between innocent victims and people whose behavior genuinely merits reductions," and called the FICO model "archaic." Craig Watts, FICO's Public Affairs Director, told us that FICO's scoring models are not static. "They are constantly evolving, but each change reflects data over time, and users do not adopt new models immediately because of the cost and labor involved." Its...(read more)

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Source: http://www.mortgagenewsdaily.com/12202010_fico_nar.asp

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The Time for DREAM is Now

Ed. Note: Read blog posts from seven top Obama Administration officials in support of the DREAM Act.

On Saturday morning, the Senate will finally vote on the DREAM Act – the DREAM Act, that was written by Republicans and Democrats close to ten years ago – that would give some of our best and brightest the ability to fully contribute to our country’s well-being by serving in the U.S. armed forces or pursuing a higher education.   

This bill is good for our nation, and it’s the right thing to do. Our leadership has worked hard to illustrate the many reasons for supporting this bill from both a security and competitiveness standpoint and the bipartisan support the bill got in the House of Representatives shows that this effort has had some success.   In fact, if the Senate passes the House bill, it will go straight to the President’s desk.  Whether it succeeds depends on whether or not there are Republicans in the Senate willing to stop playing politics with important issues. Voters sent a message to their leaders in Washington a few weeks ago.  They Democrats and Republicans to put aside partisan differences and bickering, and work in a bipartisan manner.  DREAM Act provides an opportunity for Republicans and Democrats to come together, as they have on this issue before, and work to find a common-sense solution to a problem that everyone agrees must be fixed. We hope we’ll see more of that type of courage to stand up to the politics of the moment, and do what’s right for our country and for the next generation, not just the next election.  Hundreds of conservatives, religious leaders, university presidents, defense leaders, economists, business leaders, law enforcement, all believe this is the right thing to do.  After last week’s strong, bi-partisan vote in the House of Representatives, we hope that Democrats and Republicans in the Senate can come together and do what is right to pass the DREAM Act. 

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Source: http://www.whitehouse.gov/blog/2010/12/17/time-dream-now

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Getting familiar with?Apple iPad

Getting familiar with?Apple iPad If you believe the hype from a recent article, sales of Apple iPads are projected to hit 28 million next year. No doubt by now you?ve held one of these devices in your hands or seen the guy next to you on the train with one. You?ve probably even read dozens [...]

Source: http://www.homefinder.com/news/opening-doors/2010/11/02/getting-familiar-with%e2%80%a6apple-ipad/

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Parsing the Deficit Commission Vote

Power Town

Gotta admit it, I was surprised by the number of yes votes on the President's deficit commission. It got a solid majority -- 11 in favor.

That is an accomplishment. This commission laid out the very tough choices facing the country and some serious folks voted to back it.

That said, it is important to look at the votes that matter most: What did people with power do?

There the record is more mixed. Looking at the elected officials on the commission, the plan got a split decision 6 yeas, 6 nays. That's pretty good. There are a lot of toxic political chunks in this soup -- higher taxes, increased Social Security retirement age, more taxes, tough spending cuts.

But to see the trend, you have to look deeper. Two yes votes come from members of Congress who are retiring. Sen. Judd Gregg (R) of New Hampshire and Rep John Spratt (D) of North Carolina. Spratt lost his re-election bid and joked, "As I read through [the report] I thought frequently, 'Thank God I'm not running again.'"

Taking out retiring members, the elected vote was 6 nays, 4 yeas.

Still, that is quite an accomplishment. Especially surprising was the yes vote by Sen. Dick Durbin, who is Assistant Majority Leader in the Senate, the Democrats number two man there. Durbin, however, was quick to point out his yes vote was only a vote to get the process going and to claim a seat at the table in future talks. He added the caveat, "I wouldn't vote for this commission report on final passage."

Durbin left that last part out of his op-ed in the Chicago Tribune.

What about the other no votes? Every re-elected member of the House voted no. The man in charge of writing tax law in the Senate, Max Baucus, voted no.

The deficit commission made more progress than I thought it would, but it still hasn't changed the political calculus on deficit reduction. I might add one other thought on the votes for deficit reduction. The votes that count the most right now are taking place on plans to extend the Bush tax cuts. That's where the real political action is.

Source: http://www.pbs.org/nbr/blog/2010/12/parsing_the_deficit_commission.html

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Pharmaceutical Companies React to "Dollars for Docs"

In their reporting on drug company speakers, ProPublica's Tracy Weber and Charles Ornstein found five of the seven companies that disclose payments to physicians -- AstraZeneca, GlaxoSmithKline, Lilly, Merck, and Pfizer do not check state medical boards to see if doctors who speak for the companies have been sanctioned. This information is publicly available in many of the nation's largest states.

Here are some of the comments I received back from the companies on the "Dollars for Docs" series:

AstraZeneca:

"As is part of our routine annual processes, AstraZeneca is currently reviewing contracts for the coming year. This review includes ensuring that all health care providers meet the company's eligibility criteria to participate in our speaking program."

GSK:
"We do have criteria in place to evaluate potential speakers. However you have raised some issues to our attention that we are investigating further. We will also use this information as we continue to improve the processes by which our speakers are evaluated."

Source: http://www.pbs.org/nbr/blog/2010/10/pharmaceutical_companies_react.html

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For Sale or Rent: The Governor's Mansion

Forty-three states have an official governor's mansion, and most state chief executives still call them home. But living rent-free is falling out of favor with some governors -- and with voters.

Source: http://online.wsj.com/video/for-sale-or-rent-the-governor--mansion/D1A5AB95-0...

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Originator Compensation: MBA Pushes for Postponed Implementation of New Regs

The MBA agrees with us, the mortgage industry is no where near ready to implement new originator compensation regs. Originator Compensation Reform: Putting the Cart Before the Horse From the MBA.... On Thursday, December 16, 2010, the Mortgage Bankers Association (MBA) sent the attached letter to Ben Bernanke, Chairman, and Saundra Bernstein, Director, Consumer and Community Affairs Division, of the Federal Reserve, requesting written guidance to help the industry implement the Board’s final rule on loan originator compensation and steering published on September 24, 2010. In the letter, MBA President and CEO John Courson asks for written guidance confirming previous direction that the Board staff has graciously provided MBA and its members either verbally or in person. MBA, on behalf...(read more)

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Source: http://www.mortgagenewsdaily.com/12172010_delay_originator_comp_reform.asp

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Pharmaceutical Companies React to "Dollars for Docs"

In their reporting on drug company speakers, ProPublica's Tracy Weber and Charles Ornstein found five of the seven companies that disclose payments to physicians -- AstraZeneca, GlaxoSmithKline, Lilly, Merck, and Pfizer do not check state medical boards to see if doctors who speak for the companies have been sanctioned. This information is publicly available in many of the nation's largest states.

Here are some of the comments I received back from the companies on the "Dollars for Docs" series:

AstraZeneca:

"As is part of our routine annual processes, AstraZeneca is currently reviewing contracts for the coming year. This review includes ensuring that all health care providers meet the company's eligibility criteria to participate in our speaking program."

GSK:
"We do have criteria in place to evaluate potential speakers. However you have raised some issues to our attention that we are investigating further. We will also use this information as we continue to improve the processes by which our speakers are evaluated."

Source: http://www.pbs.org/nbr/blog/2010/10/pharmaceutical_companies_react.html

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Pharmaceutical Companies React to "Dollars for Docs"

In their reporting on drug company speakers, ProPublica's Tracy Weber and Charles Ornstein found five of the seven companies that disclose payments to physicians -- AstraZeneca, GlaxoSmithKline, Lilly, Merck, and Pfizer do not check state medical boards to see if doctors who speak for the companies have been sanctioned. This information is publicly available in many of the nation's largest states.

Here are some of the comments I received back from the companies on the "Dollars for Docs" series:

AstraZeneca:

"As is part of our routine annual processes, AstraZeneca is currently reviewing contracts for the coming year. This review includes ensuring that all health care providers meet the company's eligibility criteria to participate in our speaking program."

GSK:
"We do have criteria in place to evaluate potential speakers. However you have raised some issues to our attention that we are investigating further. We will also use this information as we continue to improve the processes by which our speakers are evaluated."

Source: http://www.pbs.org/nbr/blog/2010/10/pharmaceutical_companies_react.html

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White House Staff: It Gets Better

Ed. Note: President Obama, Vice President Biden and Administration officials recorded their own video messages to give support to young people who are being bullied because of their sexual orientation. Visit WhiteHouse.gov/itgetsbetter for more videos and resources.

Inspired by President Obama’s It Gets Better video, several LGBT White House staffers decided to add their voices to the project. President Obama has more LGBT appointees than any previous Administration and he is committed to making his Administration reflect the diversity of our nation.

Resources

If you’re a young person who’s been bullied or harassed by your peers, or you’re a parent or teacher who knows a young person being bullied or harassed, here are a few resources that can help you:

The Trevor Project 

The Trevor Project is determined to end suicide among LBGTQ youth by providing resources and a nationwide, 24 hour hotline.  If you are considering suicide or need help, call: 866-4-U-TREVOR (866-488-7386).

BullyingInfo.org

BullyingInfo.org is a project of the Interagency Working Group on Youth Programs (IWGYP) focused on providing tools and resources for youth, parents, teachers and mental health providers to prevent and address bullying. 

It Gets Better Project

President Obama's video and Vice President Biden’s video are just a couple of the thousands of videos submitted by people across the country to inspire and encourage LGBT youth who are struggling.  You can watch more videos at ItGetsBetterProject.com.

For even more information and resources visit or call:

Source: http://www.whitehouse.gov/blog/2010/12/20/white-house-staff-it-gets-better

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News Hub: Housing Still on Edge as Credit Tightens

Nick Timiraos discusses worry among economists that the housing market could be headed toward another downdraft as mortgage lenders tighten credit.

Source: http://online.wsj.com/video/news-hub-housing-still-on-edge-as-credit-tightens...

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Our Goal: Advancing Better Trade Agreements for American Workers and Businesses

This weekend, experts from the Office of the U.S. Trade Representative are in Seattle, Washington, hammering out the legal language for the landmark trade agreement President Obama announced earlier this month: improvements on the US-Korea trade deal that make the pact better for American workers and businesses, particularly in our recovering auto sector.

That agreement was reached after the President walked away from an earlier offer at the G20 meeting in Seoul, Korea. What our Korean counterparts put on the table wasn't good enough for you then, and the President chose to take more time to get the agreement right. The result of that bold decision was an agreement that won wide acclaim on announcement, and we're eager to work with its supporters on both sides of the aisle in Congress to advance it as quickly as possible.

Many are asking whether two other pending trade agreements - those with Colombia and Panama - should move forward with the Korea deal. A story posted on the Politico website Friday caused some confusion about our position on that question, but it is exactly the same as it has been. While the President has not yet discussed a timeline for moving the Colombia agreement or the Panama agreement, he has said consistently that he wants his Trade Representative, Ron Kirk, to resolve outstanding issues with these agreements. The USTR office is working to do so for the express purpose of moving each agreement forward at the right time for Congress's consideration. 

This is a solid promise. The President's determination to get the Korea deal right resulted in a landmark achievement with significant support, and we'll seek the same on other trade pacts. We intend to conclude the best deals possible for American workers and businesses - agreements that are responsible and responsive to Americans' concerns, and that can soon bring home the jobs and economic prosperity that come when trade is done right. That's been our commitment from the start, and it's our commitment today. We look forward to working with the new Congress to fulfill it.

Source: http://www.whitehouse.gov/blog/2010/12/18/our-goal-advancing-better-trade-agreements-american-workers-and-businesses

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Wednesday, December 29, 2010

My 2011 Predictions

2010 Predictions

1) A year of bruising battles. There is some hope the New Year will build on the cooperation shown in cutting the recent deal on taxes and lead to more progress on deficit reduction. Don't count on it Both sides are gearing up for a nasty series of battles over spending. While this will lead to reductions in non-defense discretionary spending, the cuts are unlikely to be very deep. The good news: Once Republicans and the White House have scored points and fought each other to a draw, the possibility of a bigger deal that involves give on both sides - Republicans on taxes, Democrats on spending - goes up.
2) Federal Reserve on QE2. The Fed will finish its announced plans to buy $600 billion in bonds. But it is unlikely to go further. Given the tough political resistance on Capitol Hill and divisions in the Fed itself, the bar to further action by the Central Bank has been raised. The only way the Fed can expand QE2 will be if the economy is clearly weakening significantly. And who hopes for that next year?
3) Republican in-fighting will grab headlines. Yes, fights with Democrats are tough, but the battle within the GOP to control the Republican agenda - that's a death match. Senate Tea Partiers rallied under the banner of Sen. Jim DeMint who successfully battled back a bill containing numerous earmarks. This could be read as an implicit challenge to Senate Minority Leader Mitch McConnell. In the House, soon-to-be Majority Leader Eric Cantor and Speaker-to-be Boehner are already denying press reports they don't get along. Not a good sign. Reporters love in-fighting stories and will be looking for any excuse to run one.
4) Read up on your Constitutional trivia. Tea Party activists are already talking about moving forward on a "nullification amendment" to the Constitution. Under the amendment, if 2/3rds of the states voted to nullify a federal law, it would be repealed. If you're not familiar with nullification, read up on your Civil War history or the recent court case in Virginia overturning the Obama health care individual mandate.
5) The payroll tax cut will not be extended. Republicans didn't want to do it this year, and they will have the power to stop renewal next year. At best, the President gets a different tax cut or stimulus, but only if the economy is really hurting.
6) From Lawmaker to Rulemaker. Obama has already passed more legislation than most Presidents dream about. Now he can turn to writing rules and executives orders to get things done - without going through Congress. Regulation is a powerful tool and the President is already using his enforcement powers. Look for more action in 2011.
7) Feel like Presidential campaigns are never-ending? Well, the 2012 campaign shifts up a gear in 2011. Gov. Tim Pawlenty has a book tour scheduled for Iowa and New Hampshire in January. Newt Gingrich has practically moved to Iowa, he's been there so often. It you love politics, you'll love 2011. If you don't . . . sorry, that's just the way it is.

Source: http://www.pbs.org/nbr/blog/2010/12/my_2011_predictions.html

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AM Report: Tax Deal Set to Clear Crucial Hurdle

Democrats are predicting that a tax deal will clear a crucial hurdle comfortably in the Senate today, with a margin they hope will add momentum to the deal in the House. Aaron Zitner and Neal Lipschutz discuss. Also, Nick Timiraos discusses worry among economists that the housing market could be headed toward another downdraft as mortgage lenders tighten credit.

Source: http://online.wsj.com/video/am-report-tax-deal-set-to-clear-crucial-hurdle/0A...

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Housing Starts and Building Permits Bounce Around All-Time Lows

The U.S. Census Bureau and the Department of Housing and Urban Development have released New Residential Construction statistics for November 2010. Housing Starts data estimates how much new residential real estate construction occurred in the previous month. New construction means digging has begun. Adding rooms or renovating old ones does not count, the builder must be constructing a new home (can be on old foundation if re-building). Although the report offers up single family housing, 2-4 unit housing, and 5-unit and above housing data, single family housing is by far the most important as it accounts for 70-80% of total home building (which might be shifting more toward multi-family in the years ahead). Building Permits data provides an estimate on the number of homes planning on being...(read more)

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Source: http://www.mortgagenewsdaily.com/12162010_housing_starts_building_permit.asp

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HUD Awards Extra Funding to Housing Counselors

Secretary of Housing and Urban Development (HUD) Secretary Shaun Donovan has announced the award of $73 million in housing counseling grants to more than 500 national, regional, and local organizations. The grants represent an increase of $13 million or 22 percent over last year's funding. According to HUD, the funds will permit hundreds of thousands of households a greater opportunity to find housing or keep their existing homes. Donovan pronounced the HUD-approved counseling agencies a critical part of the nation's housing recovery. "These organizations are on the front lines of helping families who are desperate to remain in their homes," he said. "Now, more than ever, it's crucial that we support these agencies that are working with struggling families on a one-to-one basis to manage their...(read more)

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Source: http://www.mortgagenewsdaily.com/12272010_hud_housing_counseling.asp

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Federal Reserve Tweaks ARM & Construction Loan Disclosure Regs

The Federal Reserve has issued an interim rule containing modifications to the September 2010 interim rule which implemented changes in the Truth in Lending Act (TILA) and Regulation Z. This interim rule revises the Board’s interim rule published on September 24, 2010, which implemented certain requirements of the Mortgage Disclosure Improvement Act of 2008. The September 2010 interim rule requires creditors who extend consumer credit secured by real property or a dwelling to disclose summary information about interest rates and payment changes in a tabular format. The Board is issuing this interim rule to clarify certain provisions of the September 2010 interim rule. The September Interim Rules require lenders to provide disclosures in tabular form of the contract interest rate and corresponding...(read more)

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Source: http://www.mortgagenewsdaily.com/12222010_tila_mdia.asp

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Lee Expresses Desire for Talks with North Korea

South Korean president's public comments focused on deterring further provocation through military readiness and national unity

Source: http://www.voanews.com/english/news/Lee-Expresses-Desire-for-Talks-with-North-Korea-112592954.html

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President Obama Signs Critical Legislation to Prevent Child Abuse and Domestic Violence

President Obama Signs CAPTA

President Barack Obama signs S. 3817, the ?CAPTA Reauthorization Act of 2010,? (Child Abuse Prevention and Treatment Act) in the Oval Office,

This afternoon, I stood in the Oval Office and watched as President Obama signed the reauthorization of the Child Abuse Prevention and Treatment Act (CAPTA) which includes the Family Violence Prevention and Services Act (FVPSA.)  As he signed this crucial bill into law, the President was surrounded by Senators and Representatives, both Democrats and Republicans, and national advocates who work every day to end domestic violence and child abuse. 

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Source: http://www.whitehouse.gov/blog/2010/12/20/president-obama-signs-critical-legislation-prevent-child-abuse-and-domestic-violence

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