Posted on 08/24/2011 7:56:09 PM PDT by tobyhill
The Obama administration is considering further actions to strengthen the housing market, but the bar is high: plans must help a broad swath of homeowners, stimulate the economy and cost next to nothing.
One proposal would allow millions of homeowners with government-backed mortgages to refinance them at today’s lower interest rates, about 4 percent, according to two people briefed on the administration’s discussions who asked not to be identified because they were not allowed to talk about the information.
A wave of refinancing could be a strong stimulus to the economy, because it would lower consumers’ mortgage bills right away and allow them to spend elsewhere. But such a sweeping change could face opposition from the regulator who oversees Fannie Mae and Freddie Mac, and from investors in government-backed mortgage bonds.
Administration officials said on Wednesday that they were weighing a range of proposals, including changes to its previous refinancing programs to increase the number of homeowners taking part. They are also working on a home rental program that would try to shore up housing prices by preventing hundreds of thousands of foreclosed homes from flooding the market. That program is further along — the administration requested ideas for execution from the private sector earlier this month.
(Excerpt) Read more at nytimes.com ...
and do you think that those homes will EVER be back on the market for citizens to buy from private mortgage companies?
See my tag line. and Remember what Reagan said about the scariest words - “Hi, I'm from the government and I'm here to help you.”
The only constrant refrain I find in this four years of hell is “Where’s the Congress”. They may not know history but their throats are on the line as much as anyone’s.
The list, ping
Let me know if you would like to be on or off the ping list
This will FURTHER destroy the economy, as this Reparations Plan (it's all about those non-qualified "buyers" who got loans by Government FORCING banks to loan to welfare queens, and they've NEVER paid their mortgages) and the Taxpayers are again gonna be on the hook for OTHER PEOPLE'S MORTGAGES. (See tagline).
This is being done to shore the banks as well.
Worst part is a great number of these homes will never be occupied again and will deteriorate to the point of being needed to be torn down.
And the taxpayer will get stuck with the bill.
Flippin Wells-Fargo sold my note to Fannie....
looks like I’ll be takin advantage of gubment stuff.
movin on up....
Woo hoo!! Free money!! Free lunch!! Free beer for all!! Vote here.
Not to worry. The “rich” will pay for it.
So to qualify, just skip a payment or two. Maybe the govt will then give you a discount on what you owe too. I am hoping for that. I’ll skip a payment or two - and hope they refinance my home at a lower rate for less than I currently owe. Thanks Obamba for the 8K to buy, this just keeps getting better. I got 4 gm cars in the past 48 months, two in the past year for nearly 1/2 price - Govt Motors is hope and change. My 28K 24-month old car only lost $1200 for the final trade in - jeez, the used ones cost more than the new ones! Maybe having cash helps.
So to qualify, just skip a payment or two. Maybe the govt will then give you a discount on what you owe too. I am hoping for that. I’ll skip a payment or two - and hope they refinance my home at a lower rate for less than I currently owe. Thanks Obamba for the 8K to buy, this just keeps getting better. I got 4 gm cars in the past 48 months, two in the past year for nearly 1/2 price - Govt Motors is hope and change. My 28K miles 24-month old car only lost $1200 for the final trade in - jeez, the used ones cost more than the new ones! Maybe having cash helps.
So to qualify, just skip a payment or two. Maybe the govt will then give you a discount on what you owe too. I am hoping for that. I’ll skip a payment or two - and hope they refinance my home at a lower rate for less than I currently owe. Thanks Obamba for the 8K to buy, this just keeps getting better. I got 4 gm cars in the past 48 months, two in the past year for nearly 1/2 price - Govt Motors is hope and change. My 28K miles 24-month old car only lost $1200 for the final trade in - jeez, the used ones cost more than the new ones! Maybe having cash helps.
Mine was sold to USBank. I guess I’m on “the hook”. Sheesh
You’re probaby right; I don’t see any benefit to the government using worthless paper dollars to buy worthless homes.
Congress should quit protecting the credit card operators in Joe Biden’s Delaware by allowing them high interest rates. It’s time for something like a 5% cap ~ gives them a nearly 3% spread above the Tbill rates.
Congress should quit protecting the credit card operators in Joe Biden’s Delaware by allowing them high interest rates. It’s time for something like a 5% cap ~ gives them a nearly 3% spread above the Tbill rates.
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