I guess I’m out of luck with my 8-year old existing mortgage.
Those of us with existing mortgages get squat. Fine with me, i don’t need it, but hell, why should the government be in the business business? Let the damn free market work!
The government should drop everyones interest rates to 4%. Why just new home buyers? Punish the ones that are making their payments?
Isn’t government intervention in mortgages what got us into this mess?
The other half of how we got to now is not requiring much if anything down.
Nice to see the Treasury destroy our country.
This is pathetic. The true triumph of politics over economics. I don’t even know what to call it. Fascism, socialism, communism...none of those fit, but fascism is the closest. Keynes on crack?
Dow up big again. Hooray for Socialism!
From what I read it doesn’t say new “homes” or “home buyers”, it says new “mortgages”. Couldn’t every simply refinance if the home appraises?
Watching CNBC...much discussion on how this story was leaked,...Treasury seaching for leakee....concern that current lenders of 5% deals will be upset....plan not yet ready for prime time!
I am getting REALLY tired of this BS.
Why not just GIVE NEIBORING HOUSES the existing properties?
HOw about allowing a new bankruptcy? Call it chapter 16 where a mortgage can be “crammed down” to the existing value of the home and the chapter 16 bankruptcy would, as a matter of law, not be used to negative reflect the public credit.
Homeowners Will Be Able To Defer Mortgage Repayments Under Gordon Brown Rescue Deal
"Homeowners will be able to defer payments on their mortgage for up to two years if they lose their jobs, under plans to cut repossessions announced by Gordon Brown."
Reduced rates should effectively drive all potential investors out of the mortgage market. Wow are they smart!
When will this madness stop? Our government is actually punishing people who play by the rules and rewarding many who should be renting anyway. This is one sure fire way enrage voters to the point of revolution if this doesn’t stop.
As usual, the government lives in the bizaro world, where the answer to building more homes than there is a market for is to stimulate even more home building.
Isn’t this just price-fixing? Is it just me, or is fixing mortgage rates below the market rate going to result in what economists call a “shortage”? I can’t believe what Keynesian boobs these people are. The problem isn’t underconsumption, morons! It’s malinvestment!
I do not see how this is such a hot idea if it involves giving someone who is on the brink of foreclosure access to a better deal than most other homeowners who are still making their payments on time have available to them.
You can’t get a 4.5% mortgage if your credit score was over 1000...but if you quit making payments three months ago in order to qualify for a government handout, you’re home free.
Hell, our mortgage isn’t anywhere near 4.5%...maybe we ought to quit paying our mortgage now so we’ll qualify for that rate too...
Someone please explain to me how something this discriminatory is either Constitutional or a good idea...