Posted on 12/06/2007 11:57:23 AM PST by jdsteel
Mortgage Rate Freeze Reached Thursday December 6, 2:31 pm ET By Martin Crutsinger, AP Economics Writer Deal Reached With Mortgage Industry for 5-Year Rate Freeze
WASHINGTON (AP) -- Hundreds of thousands of strapped homeowners could get some relief from a plan negotiated by the Bush administration to freeze interest rates on subprime mortgages that are scheduled to rise in the coming months.
"There is no perfect solution," President Bush said Thursday as he announced an agreement hammered out with the mortgage industry. "The homeowners deserve our help. The steps I've outlined today are a sensible response to a serious challenge."
(Excerpt) Read more at biz.yahoo.com ...
Any chance that the President will lower my fixed rate since I was smart enough not to sign up for these types?
Sigh. So much for the benefits of living within your means. I should have taken out a balloon mortgage and waited for the government to snip off the balloon.
Amen - my thoughts exactly.
Doubtful. Now that lenders know that the government is willing to entertain the idea of a bailout, there will be even more of these sorts of loans given out.
You took the words out of my mouth. Unbelievable.
“Others would get assistance in refinancing with their lenders and moving into loans secured by the Federal Housing Administration, Bush said.”
Perhaps. But, there will always be stupid, lazy people who fail to do their due dilligence BEFORE signing the paper.
Why?
Our conservative President, yeah right!
When you take away the consequences for your choices, you learn nothing!
Good thing we have a Strong Conservative in the White House that will Veto this Socialist Scheme by the Democrats. /sarcasm
A surge in foreclosures has been painfully obvious for years, reading article after article about how great it was for minimum-wage earners to irresponsibly sign up for exotic loans for expensive homes. I figured the numerous foreclosures would correct the market and bring prices back down to realistic levels, so I bided my time, despite also foreseeing the inevitable federal bail-out. Silly me.
The politicians, who will run to the microphones and proclaim how compassionate they are, are probably the winners here.
You posted: Any chance that the President will lower my fixed rate since I was smart enough not to sign up for these types?
***
Just wait, there will be those who will ask “What about me? Why don’t I get some money? People who don’t own homes don’t get any benefit from this, and they are citizens, too.”
Best I recall, there were fixed rate, amortizing loans available at the same time these loans were agreed to. These folks took a risk, and lost. Only now it looks like those who did the right thing will be considered chumps.
BINGO!
George is really running to the left at this point. I voted for him, ashamed.....
I agree with him 100 percent
Actually, they’ve already scaled back 90% of the types of loans affected...(which by the way are a small % of the whole market) and I don’t think they’ll bring them back.
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