Mortgage Rate Freeze Reached

AP ^ | 12/06/07 | jdsteel

[jdsteel]

Stock market is up big on this news. I don't at all like rewarding bad behavior but I do like some positive action on this issue. I think there will be no more "politically correct mortgages" for a while.

[Long Island Pete]

Any chance that the President will lower my fixed rate since I was smart enough not to sign up for these types?

[Greg F]

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.

[PeterFinn]

Amen - my thoughts exactly.

[mosaicwolf]

I’ll will bet the fine print of this agreement has more than a “Freeze”. I’ll bet the Gov (Read: Taxpayers) will be subsidizing this deal somehow. Nothing like paying the consequences for another's bad choices.

[pnh102]

I think there will be no more "politically correct mortgages" for a while.

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.

[doodad]

You took the words out of my mouth. Unbelievable.

[quack]

“Others would get assistance in refinancing with their lenders and moving into loans secured by the Federal Housing Administration, Bush said.”

[stylin19a]

Also, the aid will only come to those who ask for it, he said. Thousands of borrowers who are falling behind on their payments have been sent letters about the options, and Bush also urged people to call a new hot line: 1-888-995-HOPE.

Katrina fraud is up to 500 million dollars.
How high will the fraud go on this Dialing-For-Dollars ?

[Puppage]

I think there will be no more "politically correct mortgages" for a while.

Perhaps. But, there will always be stupid, lazy people who fail to do their due dilligence BEFORE signing the paper.

[Jim Noble]

"The homeowners deserve our help."

Why?

[SoConPubbie]

Our conservative President, yeah right!

When you take away the consequences for your choices, you learn nothing!

[trumandogz]

Good thing we have a Strong Conservative in the White House that will Veto this Socialist Scheme by the Democrats. /sarcasm

[FoxInSocks]

Yay! And now responsible families who postponed buying a home for a few years can keep renting, since home prices will remain artificially inflated.

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.

[SoConPubbie]

"The homeowners deserve our help...."

Do you think the President realizes that alot of these sub-prime lendees are Illegal Aliens?

Maybe that is why he is so willing to help!

[NCLaw441]

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.

[Long Island Pete]

BINGO!

[central_va]

George is really running to the left at this point. I voted for him, ashamed.....

[Kaslin]

It seems to me that some of you did not hear what the president said. He said we should not bail out lenders, real estate speculators or those who made the reckless decision to buy a home they knew they could never afford.

I agree with him 100 percent

[RockinRight]

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.