Low Mortgage Interest Rates For Everyone!!!: U.S. May Back Refinance Plan for Mortgages

[scaredyclassic]

So basically there is no free lunch but there are free appetizers?

[CA renter]

[quote=sdrealtor][quote=briansd1][quote=CA renter] Now, they are going to take the worst of the worst and refi those into govt-backed loans.

The whole thing stinks.[/quote]

The very worse, the banks have already been refinanced.

So why not be fair and balanced and refi homeowners who have been paying faithfully every month into lower rates loans? Lower rates for homeowners would actually improve the quality of the portfolio.

The way I see it is so that average homeowners who can’t refi get the benefits of low rates also. That would greatly help the economy.[/quote]

Exactly! I refinanced this year and because I am self employed it was excruciatingly difficult. It took over a year to do and I had to hold off taking on any debt or buying a car until it was done.

I refinanced with the bank that has held my loan for 7 years and I never missed a payment or was late. My FICO scores were mid 800’s (nearly perfect). That bank has all my a/c’s, all my kids a/c’s, my IRA, my HSA and a brokerage a/c. The loan was for 41% of the current value of my house. My payment went down over $500/month. How was this not a slam dunk refi? A perfectly performing low LTV loan from a solid borrower whose payment was going to drop over $6,000 per year. My loan closed on March 31st. There was a new car in my driveway by noon on April 1st.

I gotta beleive there are lots more people like me who didnt make it through that gauntlet.[/quote]

sdr,

While I don’t have any hard numbers (or even soft numbers, for that matter), it’s unlikely most of the borrowers they’re proposing to refi have the same profile as you (low LTV, 800+ FICO, etc.).

[CA renter]

[quote=sdrealtor][quote=briansd1][quote=CA renter] Now, they are going to take the worst of the worst and refi those into govt-backed loans.

The whole thing stinks.[/quote]

The very worse, the banks have already been refinanced.

So why not be fair and balanced and refi homeowners who have been paying faithfully every month into lower rates loans? Lower rates for homeowners would actually improve the quality of the portfolio.

The way I see it is so that average homeowners who can’t refi get the benefits of low rates also. That would greatly help the economy.[/quote]

Exactly! I refinanced this year and because I am self employed it was excruciatingly difficult. It took over a year to do and I had to hold off taking on any debt or buying a car until it was done.

I refinanced with the bank that has held my loan for 7 years and I never missed a payment or was late. My FICO scores were mid 800’s (nearly perfect). That bank has all my a/c’s, all my kids a/c’s, my IRA, my HSA and a brokerage a/c. The loan was for 41% of the current value of my house. My payment went down over $500/month. How was this not a slam dunk refi? A perfectly performing low LTV loan from a solid borrower whose payment was going to drop over $6,000 per year. My loan closed on March 31st. There was a new car in my driveway by noon on April 1st.

I gotta beleive there are lots more people like me who didnt make it through that gauntlet.[/quote]

sdr,

While I don’t have any hard numbers (or even soft numbers, for that matter), it’s unlikely most of the borrowers they’re proposing to refi have the same profile as you (low LTV, 800+ FICO, etc.).

[CA renter]

[quote=sdrealtor][quote=briansd1][quote=CA renter] Now, they are going to take the worst of the worst and refi those into govt-backed loans.

The whole thing stinks.[/quote]

The very worse, the banks have already been refinanced.

So why not be fair and balanced and refi homeowners who have been paying faithfully every month into lower rates loans? Lower rates for homeowners would actually improve the quality of the portfolio.

The way I see it is so that average homeowners who can’t refi get the benefits of low rates also. That would greatly help the economy.[/quote]

Exactly! I refinanced this year and because I am self employed it was excruciatingly difficult. It took over a year to do and I had to hold off taking on any debt or buying a car until it was done.

I refinanced with the bank that has held my loan for 7 years and I never missed a payment or was late. My FICO scores were mid 800’s (nearly perfect). That bank has all my a/c’s, all my kids a/c’s, my IRA, my HSA and a brokerage a/c. The loan was for 41% of the current value of my house. My payment went down over $500/month. How was this not a slam dunk refi? A perfectly performing low LTV loan from a solid borrower whose payment was going to drop over $6,000 per year. My loan closed on March 31st. There was a new car in my driveway by noon on April 1st.

I gotta beleive there are lots more people like me who didnt make it through that gauntlet.[/quote]

sdr,

While I don’t have any hard numbers (or even soft numbers, for that matter), it’s unlikely most of the borrowers they’re proposing to refi have the same profile as you (low LTV, 800+ FICO, etc.).

[CA renter]

[quote=sdrealtor][quote=briansd1][quote=CA renter] Now, they are going to take the worst of the worst and refi those into govt-backed loans.

The whole thing stinks.[/quote]

The very worse, the banks have already been refinanced.

So why not be fair and balanced and refi homeowners who have been paying faithfully every month into lower rates loans? Lower rates for homeowners would actually improve the quality of the portfolio.

The way I see it is so that average homeowners who can’t refi get the benefits of low rates also. That would greatly help the economy.[/quote]

Exactly! I refinanced this year and because I am self employed it was excruciatingly difficult. It took over a year to do and I had to hold off taking on any debt or buying a car until it was done.

I refinanced with the bank that has held my loan for 7 years and I never missed a payment or was late. My FICO scores were mid 800’s (nearly perfect). That bank has all my a/c’s, all my kids a/c’s, my IRA, my HSA and a brokerage a/c. The loan was for 41% of the current value of my house. My payment went down over $500/month. How was this not a slam dunk refi? A perfectly performing low LTV loan from a solid borrower whose payment was going to drop over $6,000 per year. My loan closed on March 31st. There was a new car in my driveway by noon on April 1st.

I gotta beleive there are lots more people like me who didnt make it through that gauntlet.[/quote]

sdr,

While I don’t have any hard numbers (or even soft numbers, for that matter), it’s unlikely most of the borrowers they’re proposing to refi have the same profile as you (low LTV, 800+ FICO, etc.).

[CA renter]

[quote=sdrealtor][quote=briansd1][quote=CA renter] Now, they are going to take the worst of the worst and refi those into govt-backed loans.

The whole thing stinks.[/quote]

The very worse, the banks have already been refinanced.

So why not be fair and balanced and refi homeowners who have been paying faithfully every month into lower rates loans? Lower rates for homeowners would actually improve the quality of the portfolio.

The way I see it is so that average homeowners who can’t refi get the benefits of low rates also. That would greatly help the economy.[/quote]

Exactly! I refinanced this year and because I am self employed it was excruciatingly difficult. It took over a year to do and I had to hold off taking on any debt or buying a car until it was done.

I refinanced with the bank that has held my loan for 7 years and I never missed a payment or was late. My FICO scores were mid 800’s (nearly perfect). That bank has all my a/c’s, all my kids a/c’s, my IRA, my HSA and a brokerage a/c. The loan was for 41% of the current value of my house. My payment went down over $500/month. How was this not a slam dunk refi? A perfectly performing low LTV loan from a solid borrower whose payment was going to drop over $6,000 per year. My loan closed on March 31st. There was a new car in my driveway by noon on April 1st.

I gotta beleive there are lots more people like me who didnt make it through that gauntlet.[/quote]

sdr,

While I don’t have any hard numbers (or even soft numbers, for that matter), it’s unlikely most of the borrowers they’re proposing to refi have the same profile as you (low LTV, 800+ FICO, etc.).

[sdrealtor]

I’m sure they arent either but I’m sure there are plenty like me also. I’m sure there are plenty of self employed/small business owners whose tax returns dont reflect their cash flow that are unable to refinance. I’m sure there are p[lenty of retired/semi-retired folks with lots of assets but limited income who cant refi either. And yes there are underwater people in homes they never should have bought to begin with. However, I think of everyone you would support a program to give the benefits of all these radical gov’t interventions to people on the streets instad of to bailouts of big banks. That is what we are talking about here and what could actually help stimulate this economy.

[sdrealtor]

I’m sure they arent either but I’m sure there are plenty like me also. I’m sure there are plenty of self employed/small business owners whose tax returns dont reflect their cash flow that are unable to refinance. I’m sure there are p[lenty of retired/semi-retired folks with lots of assets but limited income who cant refi either. And yes there are underwater people in homes they never should have bought to begin with. However, I think of everyone you would support a program to give the benefits of all these radical gov’t interventions to people on the streets instad of to bailouts of big banks. That is what we are talking about here and what could actually help stimulate this economy.

[sdrealtor]

I’m sure they arent either but I’m sure there are plenty like me also. I’m sure there are plenty of self employed/small business owners whose tax returns dont reflect their cash flow that are unable to refinance. I’m sure there are p[lenty of retired/semi-retired folks with lots of assets but limited income who cant refi either. And yes there are underwater people in homes they never should have bought to begin with. However, I think of everyone you would support a program to give the benefits of all these radical gov’t interventions to people on the streets instad of to bailouts of big banks. That is what we are talking about here and what could actually help stimulate this economy.

[sdrealtor]

I’m sure they arent either but I’m sure there are plenty like me also. I’m sure there are plenty of self employed/small business owners whose tax returns dont reflect their cash flow that are unable to refinance. I’m sure there are p[lenty of retired/semi-retired folks with lots of assets but limited income who cant refi either. And yes there are underwater people in homes they never should have bought to begin with. However, I think of everyone you would support a program to give the benefits of all these radical gov’t interventions to people on the streets instad of to bailouts of big banks. That is what we are talking about here and what could actually help stimulate this economy.

[sdrealtor]

I’m sure they arent either but I’m sure there are plenty like me also. I’m sure there are plenty of self employed/small business owners whose tax returns dont reflect their cash flow that are unable to refinance. I’m sure there are p[lenty of retired/semi-retired folks with lots of assets but limited income who cant refi either. And yes there are underwater people in homes they never should have bought to begin with. However, I think of everyone you would support a program to give the benefits of all these radical gov’t interventions to people on the streets instad of to bailouts of big banks. That is what we are talking about here and what could actually help stimulate this economy.

[GH]

[quote=carlsbadworker]These are all stupid ideas. The major issue of US economy is the lack of savings, either at the government level or at the household level. As a result, it has to run huge government deficit and trade deficit (as a result of trade deficit, saver countries like China can invest in US, although mostly in government bond at the moment to make up the lack of US saving).

Any policy to reduce savings or to punish savers would only kick the can down the road and create longer term issues. We need to encourage the savings and reward the savers…something the market is trying to do but the government won’t let it.[/quote]

The real war on savers in NOT low interest rates, but LOW incomes as a result of off-shoring and on shoring of cheap international labor and a going nowhere economy. I have had to live off of my savings the last three years and am down at this point a bit over $100K. That is a REAL war on savers. Force them out of work and make them live off their fat!

Get our jobs and businesses back up and running and the rest will work. Folks will magically start making mortgage payments, tax revenues will magically increase without the need to tax the rich or anyone else for that matter.

[GH]

[quote=carlsbadworker]These are all stupid ideas. The major issue of US economy is the lack of savings, either at the government level or at the household level. As a result, it has to run huge government deficit and trade deficit (as a result of trade deficit, saver countries like China can invest in US, although mostly in government bond at the moment to make up the lack of US saving).

Any policy to reduce savings or to punish savers would only kick the can down the road and create longer term issues. We need to encourage the savings and reward the savers…something the market is trying to do but the government won’t let it.[/quote]

The real war on savers in NOT low interest rates, but LOW incomes as a result of off-shoring and on shoring of cheap international labor and a going nowhere economy. I have had to live off of my savings the last three years and am down at this point a bit over $100K. That is a REAL war on savers. Force them out of work and make them live off their fat!

Get our jobs and businesses back up and running and the rest will work. Folks will magically start making mortgage payments, tax revenues will magically increase without the need to tax the rich or anyone else for that matter.

[GH]

[quote=carlsbadworker]These are all stupid ideas. The major issue of US economy is the lack of savings, either at the government level or at the household level. As a result, it has to run huge government deficit and trade deficit (as a result of trade deficit, saver countries like China can invest in US, although mostly in government bond at the moment to make up the lack of US saving).

Any policy to reduce savings or to punish savers would only kick the can down the road and create longer term issues. We need to encourage the savings and reward the savers…something the market is trying to do but the government won’t let it.[/quote]

The real war on savers in NOT low interest rates, but LOW incomes as a result of off-shoring and on shoring of cheap international labor and a going nowhere economy. I have had to live off of my savings the last three years and am down at this point a bit over $100K. That is a REAL war on savers. Force them out of work and make them live off their fat!

Get our jobs and businesses back up and running and the rest will work. Folks will magically start making mortgage payments, tax revenues will magically increase without the need to tax the rich or anyone else for that matter.

[GH]

[quote=carlsbadworker]These are all stupid ideas. The major issue of US economy is the lack of savings, either at the government level or at the household level. As a result, it has to run huge government deficit and trade deficit (as a result of trade deficit, saver countries like China can invest in US, although mostly in government bond at the moment to make up the lack of US saving).

Any policy to reduce savings or to punish savers would only kick the can down the road and create longer term issues. We need to encourage the savings and reward the savers…something the market is trying to do but the government won’t let it.[/quote]

The real war on savers in NOT low interest rates, but LOW incomes as a result of off-shoring and on shoring of cheap international labor and a going nowhere economy. I have had to live off of my savings the last three years and am down at this point a bit over $100K. That is a REAL war on savers. Force them out of work and make them live off their fat!

Get our jobs and businesses back up and running and the rest will work. Folks will magically start making mortgage payments, tax revenues will magically increase without the need to tax the rich or anyone else for that matter.

[Author]

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