Not even close to a bottom

[SD Transplant]

A couple of days ago I caught on CNN a piece of the interview with the newly appointed housing czar Shaun Donovan, and he mentioned that for anyone to qualify for this plan they must be of an LTV 80-105 … here is a quote:

“Also, borrowers with little or no equity in their homes who are on time with their payments could be eligible to refinance to take advantage of the current low interest rates, which hover around 5%. The plan lifts the guideline that borrowers must have at least 20% equity to refinance, allowing those with loans as large as 105% of their home’s value to qualify. This is designed to help people who have seen their equity eaten away by falling home prices.”

http://money.cnn.com/2009/02/20/news/economy/foreclosure_underwater_jobless/index.htm

Then, the reporter commented that if that’s the case,some regions in the US (e.g. California, Nevada, Arizona, Florida….etc) due to low equity (up-side down)

[macromaniac]

Huckleberry,

I sublease some space to a loan mod firm next to me and she can get pretty much anyone modified from a NEG AM loan with WAMU to a fixed at 1 to 3% for 40 years….I have seen it with my own eyes and she is working with a friend of mine that has a 3.5 million first to do the same thing. She can get them to do this even on Second Homes and Investment Props. I think she has a connection….crazy….

But your right..it looks like this plan does not include this, on;y Fannie Mae stuff also….

[macromaniac]

Huckleberry,

I sublease some space to a loan mod firm next to me and she can get pretty much anyone modified from a NEG AM loan with WAMU to a fixed at 1 to 3% for 40 years….I have seen it with my own eyes and she is working with a friend of mine that has a 3.5 million first to do the same thing. She can get them to do this even on Second Homes and Investment Props. I think she has a connection….crazy….

But your right..it looks like this plan does not include this, on;y Fannie Mae stuff also….

[macromaniac]

Huckleberry,

I sublease some space to a loan mod firm next to me and she can get pretty much anyone modified from a NEG AM loan with WAMU to a fixed at 1 to 3% for 40 years….I have seen it with my own eyes and she is working with a friend of mine that has a 3.5 million first to do the same thing. She can get them to do this even on Second Homes and Investment Props. I think she has a connection….crazy….

But your right..it looks like this plan does not include this, on;y Fannie Mae stuff also….

[macromaniac]

Huckleberry,

I sublease some space to a loan mod firm next to me and she can get pretty much anyone modified from a NEG AM loan with WAMU to a fixed at 1 to 3% for 40 years….I have seen it with my own eyes and she is working with a friend of mine that has a 3.5 million first to do the same thing. She can get them to do this even on Second Homes and Investment Props. I think she has a connection….crazy….

But your right..it looks like this plan does not include this, on;y Fannie Mae stuff also….

[macromaniac]

Huckleberry,

I sublease some space to a loan mod firm next to me and she can get pretty much anyone modified from a NEG AM loan with WAMU to a fixed at 1 to 3% for 40 years….I have seen it with my own eyes and she is working with a friend of mine that has a 3.5 million first to do the same thing. She can get them to do this even on Second Homes and Investment Props. I think she has a connection….crazy….

But your right..it looks like this plan does not include this, on;y Fannie Mae stuff also….

[jetonejet]

http://seattlepi.nwsource.com/money/400948_real21.html

Probably the biggest hole in HASP is that it won’t help many people where house prices have fallen most: California, South Florida, Las Vegas and Phoenix. A lot of these people won’t be eligible for refinancing because they owe much more than their houses are worth.

Another gap in the plan: It provides a path to refinancing for people whose loans were securitized by Fannie Mae or Freddie Mac. Millions of homeowners have mortgages that were securitized, but not by Fannie Mae or Freddie Mac. They might find it difficult to refinance, whereas their neighbors who got similar loans securitized by Fannie or Freddie might have an easier time qualifying for refinancing. Most borrowers won’t know if they have a Fannie or Freddie loan until they ask the servicer.

That last requirement effectively imposes a limit on loan amounts. Few mortgages for more than $417,000 will qualify for refinances because that is the conforming limit.

[jetonejet]

http://seattlepi.nwsource.com/money/400948_real21.html

Probably the biggest hole in HASP is that it won’t help many people where house prices have fallen most: California, South Florida, Las Vegas and Phoenix. A lot of these people won’t be eligible for refinancing because they owe much more than their houses are worth.

Another gap in the plan: It provides a path to refinancing for people whose loans were securitized by Fannie Mae or Freddie Mac. Millions of homeowners have mortgages that were securitized, but not by Fannie Mae or Freddie Mac. They might find it difficult to refinance, whereas their neighbors who got similar loans securitized by Fannie or Freddie might have an easier time qualifying for refinancing. Most borrowers won’t know if they have a Fannie or Freddie loan until they ask the servicer.

That last requirement effectively imposes a limit on loan amounts. Few mortgages for more than $417,000 will qualify for refinances because that is the conforming limit.

[jetonejet]

http://seattlepi.nwsource.com/money/400948_real21.html

Probably the biggest hole in HASP is that it won’t help many people where house prices have fallen most: California, South Florida, Las Vegas and Phoenix. A lot of these people won’t be eligible for refinancing because they owe much more than their houses are worth.

Another gap in the plan: It provides a path to refinancing for people whose loans were securitized by Fannie Mae or Freddie Mac. Millions of homeowners have mortgages that were securitized, but not by Fannie Mae or Freddie Mac. They might find it difficult to refinance, whereas their neighbors who got similar loans securitized by Fannie or Freddie might have an easier time qualifying for refinancing. Most borrowers won’t know if they have a Fannie or Freddie loan until they ask the servicer.

That last requirement effectively imposes a limit on loan amounts. Few mortgages for more than $417,000 will qualify for refinances because that is the conforming limit.

[jetonejet]

http://seattlepi.nwsource.com/money/400948_real21.html

Probably the biggest hole in HASP is that it won’t help many people where house prices have fallen most: California, South Florida, Las Vegas and Phoenix. A lot of these people won’t be eligible for refinancing because they owe much more than their houses are worth.

Another gap in the plan: It provides a path to refinancing for people whose loans were securitized by Fannie Mae or Freddie Mac. Millions of homeowners have mortgages that were securitized, but not by Fannie Mae or Freddie Mac. They might find it difficult to refinance, whereas their neighbors who got similar loans securitized by Fannie or Freddie might have an easier time qualifying for refinancing. Most borrowers won’t know if they have a Fannie or Freddie loan until they ask the servicer.

That last requirement effectively imposes a limit on loan amounts. Few mortgages for more than $417,000 will qualify for refinances because that is the conforming limit.

[jetonejet]

http://seattlepi.nwsource.com/money/400948_real21.html

Probably the biggest hole in HASP is that it won’t help many people where house prices have fallen most: California, South Florida, Las Vegas and Phoenix. A lot of these people won’t be eligible for refinancing because they owe much more than their houses are worth.

Another gap in the plan: It provides a path to refinancing for people whose loans were securitized by Fannie Mae or Freddie Mac. Millions of homeowners have mortgages that were securitized, but not by Fannie Mae or Freddie Mac. They might find it difficult to refinance, whereas their neighbors who got similar loans securitized by Fannie or Freddie might have an easier time qualifying for refinancing. Most borrowers won’t know if they have a Fannie or Freddie loan until they ask the servicer.

That last requirement effectively imposes a limit on loan amounts. Few mortgages for more than $417,000 will qualify for refinances because that is the conforming limit.

[jetonejet]

DUP

[jetonejet]

DUP

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DUP

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DUP

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