[whitedog57]

I saw this guy on Fox Business at 11:00am. He has the actual details of Obama's plan on his blog site.

[bgill]

Just wait until he decides the quickest way to destroy America is to declare all mortgages paid in full. Any banks, loan companies and individuals holding such will be wiped out immediately.

[freedumb2003]

>> minimum credit score of 580<<

Good to know homeless bums qualify. They might as well make it 12.

[csmusaret]

This does not require an act of Congress???

[AnotherUnixGeek]

Rather, it is meant to allow mortgage refinancing to 1 out of 3 borrowers who are not eligible for HARP 2.0 which would be an estimated 3.5 million homeowners. That is on top of the anticipated 11 million borrowers who could refinance their loans through Fannie Mae and Freddie Mac. The estimate price tag is $5-10 billion.

In the big picture of US wealth confiscation and redistribution, $5-10 billion is small potatoes. And if it goes like Obama's loan modification gimmick, hardly anyone will actually get qualified anyway. It's main significance was to fill some time during the State of the Union speech.

[Mariner]

We should just have the Fed issue a check to bring every owner/occupier to 20% equity after appraisal.

It would be far cheaper and would do far more good.

[Eva]

This says that the program limits the re-fi to 140% of the value. How many homeowners are that far under water and who would want to stay in a house where they owed that much more than it was worth?