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?
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!
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.
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.
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.
Oh, just seize the notes from those nasty banks, burn them and give everyone a free house!!! Then, since you own GM put a free car or two in every garage! Food and gas too high? Just seize the farms and refineries. That will win you the sheeple vote (take it from old Hugo, it really does sew things up for reelection).
Why have taxpayers pay for programs when the government can just take it all. Stop pussy-footing around already and get to where you want to go Mr. Dictator, er President.
He has no legal or historical authority to do any of this.
The banksters are desperate, desperate not to have to revalue their mortgage portfolios at current market prices, and will go along with anything Zero proposes to keep that from happening.
I don't even have a "mortgage" anymore. I have a "home equity loan," which I pay back as if it were a "mortgage." I'm not sure what the bank's recourse is if I stop paying them back, but they do not hold a mortgage on my property.
ML/NJ
