Gov’t to unveil plan to shrink some home loans

[Rich Toscano]

http://finance.yahoo.com/news/Govt-to-unveil-plan-to-shrink-apf-1951043207.html?x=0&sec=topStories&pos=1&asset=&ccode=

[an]

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

[an]

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

[an]

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

[an]

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

[an]

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

[jpinpb]

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.

[jpinpb]

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.

[jpinpb]

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.

[jpinpb]

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.

[jpinpb]

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.

[sdrealtor]

That sounds like the HAMP program.

[sdrealtor]

That sounds like the HAMP program.

[sdrealtor]

That sounds like the HAMP program.

[sdrealtor]

That sounds like the HAMP program.

[Author]

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