How many taxpayer funded Re-Fi programs has O'Bozo already announced?How many have just put more money in the hands of cronies and done little to help the deserving homeowner?
Posted on 01/25/2012 8:33:58 AM PST by SeekAndFind
How can note holders be forced to allow refinancing without either taking their property or giving them more federal free money? Obama is on a new spending spree with our (soon to be) worthless dollars.
Isn’t this the plan Rush Limbaugh was talking about a couple months ago, and then the regime came out and said it wasn’t a real plan?
Hussein sucks.
so the masses will love Dear Leader and hang his portrait on their gubmint financed wall.
The article is correct, that most who bought at the peak of the housing bubble probably already have low interest rates. If you limit the program to those with high interest rates, where a refinance could really help, they probably have poor credit (thus, a high interest rate). This sounds like a plan that has just one purpose - to garner votes from not so thoughtful voters.
How many taxpayer funded Re-Fi programs has O'Bozo already announced?How many have just put more money in the hands of cronies and done little to help the deserving homeowner?
:: they are at no risk as long as they don’t need to sell. ::
As Cletus is finding out in the suburban Chicago market!
I wonder how many underwater loans are refis, where the homeowner stripped the equity out to spend the money on consumer items (cars,tvs,vacatrions, etc.). If this situation is allowed, then this is another free money scheme, and is pure evil.
Reducing interest rates and monthly mortgage payments does release more money into other consumer areas of the economy.
And of course, re-fi related closing costs are big income boosters to lawyers and banks.
‘nuff said.
Pure takeover BS, same old play, create a department or program, have it go broke and tax everyone else in the name of fairness, here is my definition of fairness...that the government not be given 1 cent of our money until they represent what we want, then money to the federal government will be metered and slow to come...
at our will..anything short is slavery..
It basically says yes to someone who asks: “you already have my mortgage, why can't I refinance without all the hassle”
But not all Fannie Freddie loans will be HARP eligible when we check. Not sure why.
Some on the Left this morning are claiming this is just a populist piece of candy being offered to get us to swallow the accompanying bag of dog poo (i.e. amnesty for all those banks involved in robosigning of foreclosures)
There is NO housing crisis.
There is a JOBS crisis.
The population is growing and the labor force is SHRINKING.
More people, fewer people working, it is called Socialism.
Work force participation rates are approaching those of the Great Depression.
When labor participation starts to rise along with real incomes, then the housing crisis will take care of itself.
You cannot prop up a housing market at its bottom with public money which has to be borrowed from China or whoever is buying our debt.
This economy cannot be turned around as long as Barry is in the White House, but changing Presidents is not going to turn this country around.
Newt correctly said the other night that Dodd-Frank needs to be repealed immediately but that ain’t happening as long as the treacherous Dems and the RINOS control the Senate no matter who the POTUS is.
“My EPA and Bammycare trashed the job market you lost your job and your credit rating sank...here’s a carrot- be sure to pull the lever marked ‘0’ in November and vote early and often, sucker”
Didn’t they do something like this once or twice already?
Same stuff, different day.
Having recently refinanced my FHA mortgage after battling like hell to keep current in this O-conomy, I simply say:
FUBO.
The banks might like being able to unload the loans they hold in their portfolios, ie not Fannie, Freddie and Ginnie, with this refinance plan. All the risk is going to be shifted to the FHA. Of course it us taxpayers who are the ultimate guarantors. In a sense this is an indirect bail out of the banks. I am sure BofA would love to unload all the potential crap in their loan book from Countrywide.
This is a scam of the highest degree...... what most people do not take into account is principal owed vs interest owed....if you are paying more to principal than interest, when you refi you will be paying more to the interest than the debt.... this is a way to actually put yourself further in debt by removing the equity you have built up.... take my case, I am toward the end of my mortgage, and pay almost 100% towards the principal. In reality, my interest rate is now zero percent. If I refinance the balance at 3%, my first few years will go almost 100% to interest. This will actually take cash out of my pocket and put it into the banks... Before you do anything, look at the principal / interest percentage of your payment.
Wasnt part of this plan, that the lender gets a percentage of any future rise in the value of the house? The details on this are gonna stink,, people NOT behind on their mortgage will drop a point on their rates,, and then discover the bank is now a co-owner of the future equity.
Seems pretty obvious to me they want to write new mortgages that contain something the old ones didn’t.
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