Posted by Bob_Chicago on 10/31/07 3:35pm
Msg #219087

Couldn't hurt. Fed Reserve brd dropped rates 1/4% n/m

Reply by Carmi Salvador on 10/31/07 3:43pm
Msg #219091

Re: Couldn't hurt. Fed Reserve brd dropped rates 1/4%

Yah that's good news. But I do hope that the government can help people who are already facing foreclosure. People who purchased their home, did 100% financing and got stuck in an ARM rate are the ones who really need help. They couldn't refinance due to the decline of home values. Their own lenders couldn't help them. I just don't get why lenders prefer foreclosure rather than helping their clients . . . maybe lowering the rate of the already high rate so their clients can afford the monthly payments.

Reply by Philip Johnson on 10/31/07 4:35pm
Msg #219103

Re: Couldn't hurt. Fed Reserve brd dropped rates 1/4%

I actually hope the government doesn't help. It seems that every time that Uncle Sam meddles in affairs such as this, we the taxpayers get left holding the bag for those among us who made bad decisions. If their mortgage company already knows that these folks are going to default, why should Uncle Sam pick them up and delay the inevitable along with transferring their debt to us?

Reply by jba/fl on 10/31/07 4:38pm
Msg #219104

Totall agree Philip! We have enough govt. already! n/m

Reply by Carmi Salvador on 10/31/07 4:59pm
Msg #219107

Re: Totall agree Philip! We have enough govt. already!

Well . . . all I'm saying is . . . I just hope lenders will do all they can to help these people rather than foreclose. It'll save everyone the trouble. :-)

Reply by SanDiegoCA on 11/8/07 4:49pm
Msg #220281

Re: Totall agree Philip! We have enough govt. already!

Not to start any argument or confusion, but the Federal Reserve Bank is privately owned, and is NOT owned or run by the Federal Government of the USA.

I know, it's confusing, and they DID do that on purpose.