If nothing else it’ll at least give the banks time to work through a lot of the foreclosures that have been piling up.

As far as the housing bust goes – if they keep people in homes they can’t afford by lowering the rates or freezing them it’ll just drag this out even longer. Not to mention piss a lot of people off who didn’t miss payments and had a fixed rate that is higher than what loans will be frozen at. This plan really disgusts me.

Won’t this raise interest rates on new loans since now there is added risk?

If nothing else it’ll at least give the banks time to work through a lot of the foreclosures that have been piling up.

As far as the housing bust goes – if they keep people in homes they can’t afford by lowering the rates or freezing them it’ll just drag this out even longer. Not to mention piss a lot of people off who didn’t miss payments and had a fixed rate that is higher than what loans will be frozen at. This plan really disgusts me.

Won’t this raise interest rates on new loans since now there is added risk?

sd_bear wrote:
” Won’t this raise interest rates on new loans since now there is added risk?”
—

Absolutely. That’s what Hillary plan for freezing interest rates and putting a moratorium on foreclosures was criticized for.

http://money.cnn.com/2008/02/12/real_estate/foreclosure_freeze/index.htm?postversion=2008021212

I looks to me like the banks are so innundated with foreclosure that they can’t process them fast enough. As we’ve seen from the numbers, the foreclosures are exceeding sales.

Businesses are never benevolent; the mighty Dollar always rules. Banks are just looking for ways to turn lemons into lemon juice and then come out smelling like a rose.

sd_bear wrote:
” Won’t this raise interest rates on new loans since now there is added risk?”
—

Absolutely. That’s what Hillary plan for freezing interest rates and putting a moratorium on foreclosures was criticized for.

http://money.cnn.com/2008/02/12/real_estate/foreclosure_freeze/index.htm?postversion=2008021212

I looks to me like the banks are so innundated with foreclosure that they can’t process them fast enough. As we’ve seen from the numbers, the foreclosures are exceeding sales.

Businesses are never benevolent; the mighty Dollar always rules. Banks are just looking for ways to turn lemons into lemon juice and then come out smelling like a rose.

sd_bear wrote:
” Won’t this raise interest rates on new loans since now there is added risk?”
—

Absolutely. That’s what Hillary plan for freezing interest rates and putting a moratorium on foreclosures was criticized for.

http://money.cnn.com/2008/02/12/real_estate/foreclosure_freeze/index.htm?postversion=2008021212

I looks to me like the banks are so innundated with foreclosure that they can’t process them fast enough. As we’ve seen from the numbers, the foreclosures are exceeding sales.

Businesses are never benevolent; the mighty Dollar always rules. Banks are just looking for ways to turn lemons into lemon juice and then come out smelling like a rose.

Also, I don’t think this will help anyone. People who are already about to face foreclosure get 30 days more. Wow! That’s so magnanimous of the banks!!

In reality, those FBs are better off to walk-away rather than making a single additional payment to the bank.

Also, I don’t think this will help anyone. People who are already about to face foreclosure get 30 days more. Wow! That’s so magnanimous of the banks!!

In reality, those FBs are better off to walk-away rather than making a single additional payment to the bank.