There’s a lot of news and buzz today in the mortgage industry.

The President hopes to throw a Lifeline to some homeowners threatened with foreclosure, but is this really anything more than a limp gesture?

“A monthlong moratorium on mortgage foreclosure is like a Band-Aid when the patient really needs surgery,” said AFL-CIO President John Sweeney.

What’s the status of the FHA Secure Program? Remember that front-page gesture?

(Civilians: FHA isn’t a lender, so what it really gets “applications” for is insurance of a loan. It calls these “cases.” When it insures a loan, it calls that an “endorsement.” You need to know the lingo if you are enterprising enough to go root through HUD reports looking to see how many FHASecure loans actually have been endorsed. Good luck to you if you do: I’m having a hard time finding this information.)

What will be the effects In the East Bay of the Economic Stimulus Package signed today by the President?

Conforming Loan Limits Raised – credit market will open up some, but most of the East Bay has been identified as a “declining market.” This means the “loan to value” ratio is going to be hit by 5%. 20% down with 80% financing is now going to be 25% down with 75% financed.

Jumbo Loan Status – still very tight. Especially in communities like San Ramon where they are sitting on a lot of unsold new housing and quite a few of the “new homes” sold in 2004 now going into default or foreclosure.

The way things are shaping up or unraveling, don’t be surprised if it takes 9 to 18 months to move a home through the foreclosure process. This means that homeowners not in trouble will have to contend with some very tough price-point pressures