Posted by LynnNC on 8/26/11 1:14pm
Msg #395145
US May Back Mortgage Refinancing for Millions
From The New York Times, Thursday, 25 Aug 2011:
The Obama administration is considering further actions to strengthen the housing market, but the bar is high: plans must help a broad swath of homeowners, stimulate the economy and cost next to nothing.
One proposal would allow millions of homeowners with government-backed mortgages to refinance them at today’s lower interest rates, about 4 percent, according to two people briefed on the administration’s discussions who asked not to be identified because they were not allowed to talk about the information.
A wave of refinancing could be a strong stimulus to the economy, because it would lower consumers’ mortgage bills right away and allow them to spend elsewhere. But such a sweeping change could face opposition from the regulator who oversees Fannie Mae and Freddie Mac, and from investors in government-backed mortgage bonds.
http://www.cnbc.com/id/44269404/
|
Reply by desktopfull on 8/26/11 1:27pm
Msg #395148
Reminds me of the modification garbage. Every time someone submitted for a modification they were given a run around and submitted paper work as many as a dozen times and never received a modification, but the banks got $3500.00 every time they submitted the paper work. Borrower got zip, bank made a bundle.
|
