I’m not surprised at all. I’m pulling out my popcorn and enjoying the fight. Foreclosure tsunami vs US Government.

I’m not surprised at all. I’m pulling out my popcorn and enjoying the fight. Foreclosure tsunami vs US Government.

My favorite line was:

The changes “will better assist responsible homeowners who have been affected by the economic crisis through no fault of their own,” an administration official said.

However, the catch is this:

“The program is designed to lower borrowers’ monthly payments by reducing mortgage rates to as low as 2 percent for five years and extending loan terms up to 40 years. To complete the program, homeowners need to go through a three month trial period and provide proof of their income, plus a letter documenting their financial hardship.”

I’m thinking all these programs have failed b/c people just plain and simple can’t afford the houses they bought during the bubble. They can’t modify the loan b/c the people can’t prove they can make the payments.

For those who can prove they can make the payments, what kind of incentive is a low rate for only 5 years and extending the loan to 40 years. Seems like more temporary band-aids.

My favorite line was:

The changes “will better assist responsible homeowners who have been affected by the economic crisis through no fault of their own,” an administration official said.

However, the catch is this:

“The program is designed to lower borrowers’ monthly payments by reducing mortgage rates to as low as 2 percent for five years and extending loan terms up to 40 years. To complete the program, homeowners need to go through a three month trial period and provide proof of their income, plus a letter documenting their financial hardship.”

I’m thinking all these programs have failed b/c people just plain and simple can’t afford the houses they bought during the bubble. They can’t modify the loan b/c the people can’t prove they can make the payments.

For those who can prove they can make the payments, what kind of incentive is a low rate for only 5 years and extending the loan to 40 years. Seems like more temporary band-aids.

My favorite line was:

The changes “will better assist responsible homeowners who have been affected by the economic crisis through no fault of their own,” an administration official said.

However, the catch is this:

“The program is designed to lower borrowers’ monthly payments by reducing mortgage rates to as low as 2 percent for five years and extending loan terms up to 40 years. To complete the program, homeowners need to go through a three month trial period and provide proof of their income, plus a letter documenting their financial hardship.”

I’m thinking all these programs have failed b/c people just plain and simple can’t afford the houses they bought during the bubble. They can’t modify the loan b/c the people can’t prove they can make the payments.

For those who can prove they can make the payments, what kind of incentive is a low rate for only 5 years and extending the loan to 40 years. Seems like more temporary band-aids.

That sounds like the HAMP program.

That sounds like the HAMP program.