Posted on 10/24/2011 8:17:51 AM PDT by ColdOne
Las Vegas – Seeking to breathe new life into a sagging economy, President Obama will attempt an executive branch rescue of homeowners trying to refinance underwater mortgages, with a new initiative that lets people with little or no equity get a better interest rate at a reduced cost.
The initiative, the first in a series of announcements expected this week by the president, applies to homeowners with federally guaranteed mortgages who are current on their payments.
The revamped Home Affordable Refinance Program, which aims to avert foreclosures, is expected "to encourage new, lower-cost loans" to more homeowners who are paying more than the value of their properties, a senior administration official said ahead of Obama's Monday announcement.
The three-year-old Home Affordable Refinance Program was supposed to allow refinancing for up to 125 percent of a home's value on mortgages owned or guaranteed by Fannie Mae or Freddie Mac, but has been stuck on tight eligibility rules, including excluding people with high credit scores or other attractive risk offers.
(Excerpt) Read more at foxnews.com ...
how will the outcome now be different than the previous refinancing scheme from the gubbamint?
those resulted in most people just delaying the inevitable 6-9 months and defaulting any way.
“Majority of modified mortgages fail again, regulators say”
December 23, 2008 |
http://www.freerepublic.com/focus/f-news/2153278/posts
“looting the future to bribe the present” as Mark Steyn says.
So changing the accounting rules could have been a better solution in 2008 than this...
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