Eastern Shore Focus - Show # 77: The Housing Market Collapse PRINCESS ANNE, MD (wesm) -

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Show Information:

Show Number: 77
Guest(s):
- Joseph J. Murin - President, Government National Mortgage Association [Ginnie Mae]
- Bill Turner - Business Development Officer, Farmers Bank of Willards
Subject(s): The Housing Market Collapse
Original Airdate: Monday, June 29, 2009
Running Time: 37 minutes 45 seconds

Brief Synopsis:

The financial crisis that shook the global economy to its knees in late 2008 - had its roots in the housing market bubble that had peaked several years earlier.

Continually rising home values and low interest rates led millions of Americans to either purchase new homes or refinance their existing mortgages to take advantage of the new rates.

With banks and other financial institutions only too eager to cash in on the housing bubble, standards for issuing home loans began to deteriorate - especially when lenders started offering borrowers risky "sub-prime" and adjustable-rate mortgages.

These loans were tied up in overly-complicated financial instruments, such as derivatives, that linked these financial institutions in such way that threatened to bring down the entire economy if the housing bubble eventually burst.

And burst it did. Home values began to fall sharply, and home foreclosures spread across the country like wildfire -- triggering a series of near-bankruptcies for financial institutions like Fannie Mae, Freddie Mac and AIG.

As the nation continues to navigate out of the current housing crisis, one governmental organization is providing opportunities to assist struggling homeowners across the country and here on the Delmarva Peninsula. It's called the "Government National Mortgage Association," otherwise known as "Ginnie Mae."

In this program, Mr. Joseph J. Murin talks about this issue in a telephone interview recorded on June 12, 2009. Mr. Murin has had over 37 years of experience in the mortgage and banking industry, and he's currently responsible for overseeing Ginnie Mae's mission of making affordable housing a reality for millions of low- and moderate-income households across America - and on Delmarva.

Later in this program, we'll also hear from Mr. William Turner, who is a Business Development Officer at one of the Salisbury branches of the Farmers Bank of Willards. He'll talk about how the housing market collapse has affected the Eastern Shore.

Additional Links & Information:

Government National Mortgage Association (Ginnie Mae)
http://www.ginniemae.gov/

Farmers Bank of Willards
Main Office: 7484 Market Street, Willards, Maryland 21874
Milford St. Branch: 102 Milford Street, Salisbury, Maryland 21804
Telephone [Milford St. Branch]: (443) 260-4780
Website: http://www.fbwbank.com/

The Federal Housing Administration (FHA)
Website: http://www.hud.gov/offices/hsg/fhahistory.cfm

U.S. Department of Housing and Urban Development
451 7th Street S.W., Washington, DC 20410
Telephone: (202) 708-1112
TTY: (202) 708-1455
Website: http://www.hud.gov/

U.S. Department of Veterans Affairs
Website: http://www.va.gov/

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