Posted on 02/22/2009 9:00:48 PM PST by Steelfish
Few in Bay Area qualify in housing rescue plan
Carolyn Said, Chronicle Staff Writer
Sunday, February 22, 2009
More than 90 percent of Bay Area mortgage holders cannot qualify for the low-cost refinances included in President Obama's housing rescue package, according to an analysis of loan data from real estate service Zillow.com.
That is the smallest percentage of people eligible for the refinances anywhere in the country, Zillow said.
"The Bay Area is being hit by the fact that it's high-priced, and therefore the loans that were made around the peak years were not conforming (meaning they were above $417,000), and secondly, that (the housing market) has gone into such sharp decline that many homes are underwater by more than 5 percent," said Stan Humphries, vice president of data and analytics for Zillow in Seattle.
A key component of the White House plan calls for assisting homeowners whose home equity has dwindled by letting them refinance into lower-cost mortgages, potentially saving them hundreds of dollars a month and reducing the risk that they may one day lose their homes to foreclosure.
But that initiative is only available to people who took out so-called conforming loans of less than $417,000 and whose homes are not more than 5 percent underwater - meaning what they owe is not more than 5 percent greater than their home's value.
For instance, someone with a home now worth $300,000 who owes $315,000 could qualify for the refinance - but would be barred if the home's value dropped further.
(Excerpt) Read more at sfgate.com ...
I’m outside DC, and a realtor told me yesterday that I’m about 25% underwater, we are in a nice neighborhood that has not been as devalued like the newer houses have - and the DC metro area is much better than most of the rest of the country. 5% is so unrealistic. Nobody is just 5% underwater.
You mean Pelosi and Feinstein’s group don’t qualify.
You’re so very right. Very, very few people are “just 5%” underwater. In California especially, people are anywhere from 10 to 40% underwater, especially if they had a high LTV on their loan(s) to start with.
Further, there are a lot of people in CA who have seconds, HELOC’s, etc.
LOLOLOLOLOLOLOL!!!!
So the blue collar, working class people of SF don’t qualify?
LOLOLOLOLOLOLOLOLOL!!!!
Hey SF, pay your taxes - the REAL poor really need the money. :)
It does seem to be an odd requirement. I suppose the powers-that-be will use this to disqualify most people, while they simply phony-up to the numbers to "qualify" the "protected classes".
| Choice | Votes | % | ||
 |
Barack Obama | 386,279 | 69.6% | |
| John McCain | 158,630 | 28.6% | ||
| Ralph Nader | 3,904 | 0.7% | ||
| Bob Barr | 3,254 | 0.6% | ||
| Alan Keyes | 1,460 | 0.3% | ||
| Cynthia McKinney | 1,452 | 0.3% |
100% of precincts reporting
THIS is justice. They voted for this fool for... who know why. Some kind of fashion statement. Now, lose your butts, folks! We are enjoying your pain!
It is laughable how many 20 somethings are waking up the the fact that mommy and daddy were right about Obama. Hard to admit mistakes. They keep babbling about feeding the world and global warming... youthful indiscretion. Must be tough to realize you’ve been had, your job is gone and the Hope and Change was all political bullsh*t.
I suspect that the majority who voted for Zero would NEVER have done so if they had realized his agenda. Big Media is complicit in his election because they hid his true self from the public. Big Media should be sued for fraud!
I’m not sure people understand this “plan”. I suspect 0 will make up the difference if you are 25% underwater, to get you to 5% underwater...that’s why the big money is part of it (and yes, $75B is still big money).
As for non-conforming loans...I don’t see how that can work in the Bay Area...so either the plan changes, or they’re stuck.
The 20 something Bama voters I know are still immersed into their psychotic hate all things Bush, they do not even have a clue yet the economy is in 'free' fall. Oh and these are the college educated crowd, they have that scientific methodology down pat.
Gosh golly gee... Bohica
California is used to getting screwed .. from two loony liberal senators that only bring home a pittance of our donated&confiscated taxes,, to a Gubinor who can’t add too well, has no memory or shame, and has a Kennedy tongue stuck in every orifice of his body.
Lay them off. They need to learn the lessons of their ancestors. See the Boston Globe today. Wonderful enjoyment of unemployment. For now...
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