Broker talk about the new Housing bill

[temeculaguy]

Part of the FHA save your home segment of the bill

“Lenders would also agree to pay upfront fees to the FHA equal to 3% of a home’s appraised value. Borrowers must agree to pay an annual premium to the FHA equal to 1.5% of their new loan balance and they must also agree to share with the government any profit they realize from selling or refinancing their home.”

You think paying property taxes blows, the FHA insurance is equal to or higher than property taxes. Let me get this straight, if you are an FB, you are facing a reset, you can refi with FHA if the lender writes off 10% of the debt, pays FHA 3% and the borrower get to double their property taxes in effect, forever. Quick, get in line, this thing is going to be bigger than the iphone line.

someone tell me where I read it wrong, lets say typical S.D. FB, 500k mortgage on 400k value home, paying 2k on a teaser rate on 100k salary. New P&I is 3150 at 6.5, out the door is 4k, they arent making it.

FHA to the rescue:

New bill is 90% of debt thanks to goodness of lenders heart. 450k debt. But FHA is a higher rate usually so $2990 P&I, taxes on 400k reworked is 400-600 mo and the new fha insurance premium is 600 mo., total payment…….4k, hey, thanks for “saving” people. Now house goes into foreclosure but on fha’s dime, not countryfried’s.

Oh, Yeah, if yo make it through the downturn and realize a profit, they want half for helping you. If the mafia did this they would be jailed. What part of this will make people stay in their homes?

[Eugene]

New bill is 90% of debt thanks to goodness of lenders heart. 450k debt.

New mortgage is 90% of market value i.e. 360k in your example.

[Eugene]

New bill is 90% of debt thanks to goodness of lenders heart. 450k debt.

New mortgage is 90% of market value i.e. 360k in your example.

[Eugene]

New bill is 90% of debt thanks to goodness of lenders heart. 450k debt.

New mortgage is 90% of market value i.e. 360k in your example.

[Eugene]

New bill is 90% of debt thanks to goodness of lenders heart. 450k debt.

New mortgage is 90% of market value i.e. 360k in your example.

[Eugene]

New bill is 90% of debt thanks to goodness of lenders heart. 450k debt.

New mortgage is 90% of market value i.e. 360k in your example.

[PadreBrian]

temeculaguy, you sound like this is a bad thing. It basically means this will only be viable for a few percentage of people. Less for the taxpayers to have to fork over.

[PadreBrian]

temeculaguy, you sound like this is a bad thing. It basically means this will only be viable for a few percentage of people. Less for the taxpayers to have to fork over.

[PadreBrian]

temeculaguy, you sound like this is a bad thing. It basically means this will only be viable for a few percentage of people. Less for the taxpayers to have to fork over.

[PadreBrian]

temeculaguy, you sound like this is a bad thing. It basically means this will only be viable for a few percentage of people. Less for the taxpayers to have to fork over.

[PadreBrian]

temeculaguy, you sound like this is a bad thing. It basically means this will only be viable for a few percentage of people. Less for the taxpayers to have to fork over.

[bubba99]

The new bill has little to do with housing at the individual borrower level, and everything to do with guaranteeing Fannie and Freddie’s 6 Trillion in bonds and second party guarantees.

Our lenders – China, France, Germany, Singapore et.al. hold in the neighborhood of 2 Trillion in bad Fannie/Freddie paper. As the underlying mortgages go bad, the mess becomes international in a big way – remember these two GSE’s are leveraged about 40 times – each dollar loss on a mortgage loses 40 dollars in bond equity. The bill just gave a blank check from the fed to inject whatever capital the GSE’s need to stay solvent. In fact, the treasury can buy common or preferred stock at their descretion to prop up these two boat anchors.

Congress just put you and me – the tax payers on the hook for potentially 5 trillion in bond guarantees. For a group that claims to be capitalists, they sure look like Lennon style socialists.

These idiots cannot really believe that this will maintain housing prices at double their economic value and save the bad mortgages from going under while america spirals down into a serious recession. God help us all

[bubba99]

The new bill has little to do with housing at the individual borrower level, and everything to do with guaranteeing Fannie and Freddie’s 6 Trillion in bonds and second party guarantees.

Our lenders – China, France, Germany, Singapore et.al. hold in the neighborhood of 2 Trillion in bad Fannie/Freddie paper. As the underlying mortgages go bad, the mess becomes international in a big way – remember these two GSE’s are leveraged about 40 times – each dollar loss on a mortgage loses 40 dollars in bond equity. The bill just gave a blank check from the fed to inject whatever capital the GSE’s need to stay solvent. In fact, the treasury can buy common or preferred stock at their descretion to prop up these two boat anchors.

Congress just put you and me – the tax payers on the hook for potentially 5 trillion in bond guarantees. For a group that claims to be capitalists, they sure look like Lennon style socialists.

These idiots cannot really believe that this will maintain housing prices at double their economic value and save the bad mortgages from going under while america spirals down into a serious recession. God help us all

[bubba99]

The new bill has little to do with housing at the individual borrower level, and everything to do with guaranteeing Fannie and Freddie’s 6 Trillion in bonds and second party guarantees.

Our lenders – China, France, Germany, Singapore et.al. hold in the neighborhood of 2 Trillion in bad Fannie/Freddie paper. As the underlying mortgages go bad, the mess becomes international in a big way – remember these two GSE’s are leveraged about 40 times – each dollar loss on a mortgage loses 40 dollars in bond equity. The bill just gave a blank check from the fed to inject whatever capital the GSE’s need to stay solvent. In fact, the treasury can buy common or preferred stock at their descretion to prop up these two boat anchors.

Congress just put you and me – the tax payers on the hook for potentially 5 trillion in bond guarantees. For a group that claims to be capitalists, they sure look like Lennon style socialists.

These idiots cannot really believe that this will maintain housing prices at double their economic value and save the bad mortgages from going under while america spirals down into a serious recession. God help us all

[bubba99]

The new bill has little to do with housing at the individual borrower level, and everything to do with guaranteeing Fannie and Freddie’s 6 Trillion in bonds and second party guarantees.

Our lenders – China, France, Germany, Singapore et.al. hold in the neighborhood of 2 Trillion in bad Fannie/Freddie paper. As the underlying mortgages go bad, the mess becomes international in a big way – remember these two GSE’s are leveraged about 40 times – each dollar loss on a mortgage loses 40 dollars in bond equity. The bill just gave a blank check from the fed to inject whatever capital the GSE’s need to stay solvent. In fact, the treasury can buy common or preferred stock at their descretion to prop up these two boat anchors.

Congress just put you and me – the tax payers on the hook for potentially 5 trillion in bond guarantees. For a group that claims to be capitalists, they sure look like Lennon style socialists.

These idiots cannot really believe that this will maintain housing prices at double their economic value and save the bad mortgages from going under while america spirals down into a serious recession. God help us all

[Author]

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