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Extreme modifications: 2% mortgages
CNN ^ | 12/17/09 | Les Christie

Posted on 12/19/2009 7:35:14 AM PST by FromLori

At 8 a.m., homeowner Rodney Wynn was drowning under his $1,800-per-month, 13.4% interest rate mortgage. But by 5 p.m., he had found some relief: a 4.7% loan with a $970 monthly payment.

Wynn, a program director for a youth home in North Carolina, is just one of a growing number of homeowners getting dream workouts on their mortgages. Some are even getting sweet 2% deals.

(Excerpt) Read more at money.cnn.com ...


TOPICS: Government; News/Current Events
KEYWORDS: loanmodification
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1 posted on 12/19/2009 7:35:14 AM PST by FromLori
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To: FromLori

Anyone that signs up for a 13.4 mortgage or did not get out of their adjustable when rates were down...is DUMB.


2 posted on 12/19/2009 7:36:57 AM PST by Sacajaweau
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To: FromLori
Rosie Brooks had her $48,000 mortgage forgiven in exchange for a one-time $3,000 payment. Sweet deal I wonder how that works maybe we should all be deadbeats!
3 posted on 12/19/2009 7:37:01 AM PST by FromLori (FromLori)
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To: Sacajaweau

See post 3


4 posted on 12/19/2009 7:38:04 AM PST by FromLori (FromLori)
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To: perchprism; LomanBill; JDoutrider; tired1; Maine Mariner; demsux; April Lexington; Marty62; ...

ping


5 posted on 12/19/2009 7:40:15 AM PST by FromLori (FromLori)
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To: FromLori

Parasite.


6 posted on 12/19/2009 7:42:04 AM PST by who knows what evil? (G-d saved more animals than people on the ark...www.siameserescue.org.)
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To: FromLori
Rosie Brooks had her $48,000 mortgage forgiven in exchange for a one-time $3,000 payment...

By hard working taxpayers via proxy.

7 posted on 12/19/2009 7:46:27 AM PST by EGPWS (Trust in God, question everyone else)
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To: FromLori

Who lost the money taxpayers or lender?


8 posted on 12/19/2009 7:46:39 AM PST by ricks_place
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To: who knows what evil?
Parasite.

She's a member of the majority today.

9 posted on 12/19/2009 7:47:38 AM PST by EGPWS (Trust in God, question everyone else)
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To: FromLori

obama DID give her a house

I’ll be d@mned, those ululuating welfare queens were right


10 posted on 12/19/2009 7:49:17 AM PST by silverleaf (More folks being invited to the White House for Holiday parties than are being sent to Afghanistan)
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To: FromLori

obama DID give her a house

I’ll be d@mned, those ululating welfare queens were right


11 posted on 12/19/2009 7:49:20 AM PST by silverleaf (More folks being invited to the White House for Holiday parties than are being sent to Afghanistan)
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To: FromLori

These companies, the American International Group, Fannie Mae, Freddie Mac and GMAC, are not only unable to repay the government, they are in need of continuing infusions that make them look increasingly like long-term wards of the state.

And the total risk they pose to the taxpayer far exceeds that of the big banks. Fannie and Freddie, in the final days of the year, are even said to be negotiating with the Treasury about greatly expanding the money available to them.

Though the four are not in all the same businesses, they were caught in one of the same traps: They sold mortgage guarantees — in some cases to each other. Now when homeowners default, as they are doing in record numbers, these companies are covering the losses. Essentially, taxpayer money to these companies is being used partly to protect banks and other investors who own the mortgage

http://www.nytimes.com/2009/12/17/business/17wards.html?_r=1&em


12 posted on 12/19/2009 7:49:27 AM PST by FromLori (FromLori)
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To: silverleaf

obama didn’t giver her a house WE DID.


13 posted on 12/19/2009 7:51:01 AM PST by FromLori (FromLori)
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To: Sacajaweau
Not bragging but....when I bought my home 20 plus years ago, I went for a fixed rate mortgage. People called me crazy, even stupid, usually saying, “Rates will come down and you'll be stuck with the same rate.” Well sure, those rates did decline, but then they went up, and those who went for the adjustables were screwed. Meanwhile, my payments stayed the same, and I even managed to pay off the home some years ago.

So, whose crazy or stupid now?

14 posted on 12/19/2009 7:52:10 AM PST by fatnotlazy
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To: EGPWS
kShe's a member of the majority today.

You're right.

15 posted on 12/19/2009 7:52:47 AM PST by who knows what evil? (G-d saved more animals than people on the ark...www.siameserescue.org.)
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To: FromLori

try telling HER that

all her gratitude will be to obama, not to whitey who paid the taxes and deposited money in those corrupt banks


16 posted on 12/19/2009 7:54:29 AM PST by silverleaf (More folks being invited to the White House for Holiday parties than are being sent to Afghanistan)
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To: FromLori

I’m thinking “reverse Cloward-Piven strategy.”


17 posted on 12/19/2009 7:58:45 AM PST by Steely Tom (Obama goes on long after the thrill of Obama is gone)
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To: FromLori
...homeowner Rodney Wynn was drowning under his $1,800-per-month, 13.4% interest rate mortgage.

Idiot extraordinaire.

Hard working taxpayers supporting the right to be stupid.

18 posted on 12/19/2009 8:00:44 AM PST by EGPWS (Trust in God, question everyone else)
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To: Sacajaweau
Anyone that signs up for a 13.4 mortgage or did not get out of their adjustable when rates were down...is DUMB.

I don't know about that.

Here we have an individual who was too big to fail, so they saved him.

YOU and I are going to pick up the tab.

Who's the idiot?

19 posted on 12/19/2009 8:08:19 AM PST by IncPen (SEC PROSECUTE AL GORE FOR TRADE FRAUD - GIVE BACK THE OSCAR! - GIVE BACK THE NOBEL!)
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To: IncPen
This is all part of that entitlement mentality. Buy a house for more than you can afford, but if any adversity strikes, don’t worry, that “free” money will come along to bail you out. Heck, you don’t even need adversisty; just don’t make the payments, and you’ll be fine. Obama will rescue you.

Many hardworking Americans just don’t see that this administration is out to destroy them in the name of redistribution of wealth. We create the wealth and government will take it away to give to those who did not work for it, or those who were irresponsible with what money they did have. Unfortunately, the Obama true believers will find out how wrong they were about this lying SOB too late, when they are bankrupt and no one will come along to bail them out. For many now, it’s already too late.

20 posted on 12/19/2009 8:17:39 AM PST by fatnotlazy
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