Rain City Guide

From the Wall Street Journal:
Fannie Mae, Freddie Mac and U.S. officials are expected to announce plans Tuesday to speed up the modification of hundreds of thousands of loans held by the housing finance giants, marking the latest effort to try and prevent more foreclosures, people familiar with the matter said.
The announcement could mark the government’s [...]

This is Part Three of a series of articles on the foreclosure process.
This article does not constitute legal advice.
Foreclosure laws vary from state to state.
Homeowners in financial distress should always hire legal counsel. Call your local state bar association for a referral.  Reduced or free legal aid may be available in some states. Ask for a referral [...]

From the WaPo:
Officials with the Treasury and the Federal Deposit Insurance Corp. are crafting a plan under which the government would guarantee the mortgages of as many as 3 million homeowners now struggling to avoid foreclosure, according to three sources familiar with the discussions.
Under the program being discussed, the lender would agree to reduce borrowers’ [...]

From the NY Times: U.S. May Take Ownership Stake in Banks
Having tried without success to unlock frozen credit markets, the Treasury Department is considering taking ownership stakes in many United States banks to try to restore confidence in the financial system …
Treasury officials say the just-passed $700 billion bailout bill gives them the authority to [...]

Watch live on CNBC here.  Speaker Nancy Pelosi addressing the House.
Voting on the AMDENDMENT now taking place.
So far:
263 Yea
171 Nay
218 needed
Update: Here’s the roll call.
Here’s how Washington State’s Representatives voted (district map)
Hat tip SeattleBubble:
YES:

District 2 - Rick Larsen (D)
District 3 - Brian Baird (D)
District 6 - Norm Dicks (D)
District 9 - Adam Smith (D)

NO:

District 1 - [...]

Watching the Senate testimony and voting on the Bailout Bill via C-Span.  I hear that Maria Cantwell and Patty Murray are coming out against the bill from statements posted on their website. Hat tip perfectfire at SB.
Democrat Majority Leader Harry Reid is making a speech pleading for passage.
So far the Ayes are adding up very [...]

The House votes on Monday and the Senate apparently will vote on Wednesday.  Here is the “Draft Proposal on Financial Rescue Legislation”
From Office of Speaker Nancy Pelosi — Sept. 28, 2008
REINVEST, REIMBURSE, REFORM
IMPROVING THE FINANCIAL RESCUE LEGISLATION
Significant bipartisan work has built consensus around dramatic improvements to the original Bush-Paulson plan to stabilize American financial markets [...]

I was in Mill Creek earlier this evening having sushi with my daughters and everytime we drive down into Mill Creek I say the same thing: “I remember when this whole place was nothing but trees!” They’ve already heard the stories about how I use to leave the house at dawn with the neighborhood boys [...]

Calculated Risk
Paulson Plan: Will it Work?
The primary goal of the Paulson Plan is to get the banks to lend again - or “unclog the system” as Secretary Paulson put it. Secondary goals are to “protect the taxpayer” and hopefully minimize moral hazard.
Will the plan achieve the primary goal? I think the answer is yes. By [...]

Congress and Treasury Secretary Hank Paulson are working this weekend to hash out details of the proposed $700,000,000,000 bailout during this amazing time in American history.  My brother-in-law is an adjuster for FEMA, spending months away from his home evaluating damaged property across the country.   FEMA Mortgage could be created to essentially do the same thing.
Now that Uncle Sam will [...]