I agree with SDR, I think this is delaying the inevitable, and hopefully preventing a major collapse in our financial system here in America…
I think what a lot of you angry people are not understanding is that our governmen is NOT bailing any one out. We’re not writing a check to these homeowners, or to the banks. It’s a NEGOTIATION that lawmakers and the Fed made with banks to get them to voluntarilly agree to freeze these rates for 5 years. The only people loosing on this deal are the investors who bought the securities in the first place…. And whateve trickle down effect they have… So while you may think this is a government bailout it’s not..
And, with that said, looks like it’s not going to help very many folks, including myself… Says loans had to be originated in 2005, mine was in late 2004, so I’m a day late and a dollar short… LOL Plus, it’s only for SUBPRIME loans, looks like loans in the higher interest rate bracket. My “initial” rate was 5.875, with a reset to 8.875, so I’m assuming I’m not in subprime territory, but who knows, I don’t remember what my credit score was when I bought my house… Oh well, I signed the papers now I have to deal with the consequences.
