It’s a tiny change to average consumer. You need to think national, not just local.
It’s another explanation of why the rich will get richer and the poor will get poorer.
It’s not going to help that many people who would not have otherwise qualified, it’s just going to be a lower payment for some.
On Monday, I had a well qualified borrower who easily qualified for an $800K purchase, full doc.
As of Wednesday, his payment will now be lower for $800K, or he can now afford an $870K house and with a simliar payment, and still be at the JC limit.
The govt REALLY doesn’t know what to do, but is willing to try ANYTHING to artificially keep prices up and prolong the
downturn, they aren’t got to stop it.
To bail out the irresponsible, the next 2 crazy things that I am expecting from DC are:
a)Refi’s at 120% of property values.
b)Cutting principal balances of loans to keep sheeple from walking. (or some combination/variation)
After the $600 stimulus doesn’t work, they will print $1200 checks for the next one.
This should ALL be an OUTRAGE to responsible people.
I am expecting riots in the streets to ensue when people realize what has happened.
Profits are privitized… Losses are socialized.
Welcome to United Socialist America.
