OBAMA Mortgage Plan to Help up to 9 Million

[(former)FormerSanDiegan]

[quote=carlsbadworker][quote=ibjames] So if your mortgage is $210,000, your property can’t be worth less than $200,000.
so.. it won’t work in california[/quote]

No. It won’t work for Temecula or Escondido (where price has dropped a lot). But it would work for the costly coastal area where price has not dropped a lot (assume the person bought with a downpayment). It is aimed to stop the Alt-A folks to have their payment reset to higher rate, and they would instead be able to lock into 5% 30-years fixed at much lower monthly cost.
[/quote]

But, it has to be owned or guaranteed by Freddie or Fannie, meaning presumably that it must fall within conforming limits. The coastal areas were mainly in JUMBO territory, not conforming loans.

How many coastal homes with alt-A or other ARMS have loans that are between 80-105% of LTV and are less than 417 K ?

Anyone ?

For 90% LTV this implies a property worth 463K with a 417K loan. Seems to me that this might apply to people who bought in Mira Mesa or Clairemont in 2003-2004 with 0-5% down. Or those who bought at the peak with 20-30% down and are now looking at 95-105% LTV.

I don’t think it has any impact for those on the coast.

[Coronita]

So i think it’s time for another poll.

“How do you think Obama and this admistration is doing so far”?

I’ll post…

[Coronita]

So i think it’s time for another poll.

“How do you think Obama and this admistration is doing so far”?

I’ll post…

[Coronita]

So i think it’s time for another poll.

“How do you think Obama and this admistration is doing so far”?

I’ll post…

[Coronita]

So i think it’s time for another poll.

“How do you think Obama and this admistration is doing so far”?

I’ll post…

[Coronita]

So i think it’s time for another poll.

“How do you think Obama and this admistration is doing so far”?

I’ll post…

[DWCAP]

I think this belongs right up there with ‘Hope for Homeowners’. Another giant boondooggel that will not do what it is intended to do, will hurt us in the long run, gives hope that is both misplaced and temporary, and will be very expensive. All it does do effectivly is give the elected leadership cover and really nice sound bites for the talking heads to coo over. Oh and good catch Coop, seems like they cant decided if it is $75B or $200B.

Id like someone to ask Obama how many future homeowners this will hurt. ‘Sure, this could help up to 9 million current homeowners (using GOV math), but how many future homeowners will now have to pay more for the same thing, lowering the future quality of life for our children?’

Let him gag on that one.

[DWCAP]

I think this belongs right up there with ‘Hope for Homeowners’. Another giant boondooggel that will not do what it is intended to do, will hurt us in the long run, gives hope that is both misplaced and temporary, and will be very expensive. All it does do effectivly is give the elected leadership cover and really nice sound bites for the talking heads to coo over. Oh and good catch Coop, seems like they cant decided if it is $75B or $200B.

Id like someone to ask Obama how many future homeowners this will hurt. ‘Sure, this could help up to 9 million current homeowners (using GOV math), but how many future homeowners will now have to pay more for the same thing, lowering the future quality of life for our children?’

Let him gag on that one.

[DWCAP]

I think this belongs right up there with ‘Hope for Homeowners’. Another giant boondooggel that will not do what it is intended to do, will hurt us in the long run, gives hope that is both misplaced and temporary, and will be very expensive. All it does do effectivly is give the elected leadership cover and really nice sound bites for the talking heads to coo over. Oh and good catch Coop, seems like they cant decided if it is $75B or $200B.

Id like someone to ask Obama how many future homeowners this will hurt. ‘Sure, this could help up to 9 million current homeowners (using GOV math), but how many future homeowners will now have to pay more for the same thing, lowering the future quality of life for our children?’

Let him gag on that one.

[DWCAP]

I think this belongs right up there with ‘Hope for Homeowners’. Another giant boondooggel that will not do what it is intended to do, will hurt us in the long run, gives hope that is both misplaced and temporary, and will be very expensive. All it does do effectivly is give the elected leadership cover and really nice sound bites for the talking heads to coo over. Oh and good catch Coop, seems like they cant decided if it is $75B or $200B.

Id like someone to ask Obama how many future homeowners this will hurt. ‘Sure, this could help up to 9 million current homeowners (using GOV math), but how many future homeowners will now have to pay more for the same thing, lowering the future quality of life for our children?’

Let him gag on that one.

[DWCAP]

I think this belongs right up there with ‘Hope for Homeowners’. Another giant boondooggel that will not do what it is intended to do, will hurt us in the long run, gives hope that is both misplaced and temporary, and will be very expensive. All it does do effectivly is give the elected leadership cover and really nice sound bites for the talking heads to coo over. Oh and good catch Coop, seems like they cant decided if it is $75B or $200B.

Id like someone to ask Obama how many future homeowners this will hurt. ‘Sure, this could help up to 9 million current homeowners (using GOV math), but how many future homeowners will now have to pay more for the same thing, lowering the future quality of life for our children?’

Let him gag on that one.

[carlsbadworker]

[quote=FormerSanDiegan]
But, it has to be owned or guaranteed by Freddie or Fannie, meaning presumably that it must fall within conforming limits. [/quote]

The version I read says:

The Treasury Department will also develop uniform guidelines for loan modifications, as well as require all financial institutions receiving government funds to participate in the program. Also, all federal agencies that own or guarantee loans will have to apply the guidelines where appropriate.

“All financial institutions receiving government funds”…that’s everyone these days, isn’t it?

[carlsbadworker]

[quote=FormerSanDiegan]
But, it has to be owned or guaranteed by Freddie or Fannie, meaning presumably that it must fall within conforming limits. [/quote]

The version I read says:

The Treasury Department will also develop uniform guidelines for loan modifications, as well as require all financial institutions receiving government funds to participate in the program. Also, all federal agencies that own or guarantee loans will have to apply the guidelines where appropriate.

“All financial institutions receiving government funds”…that’s everyone these days, isn’t it?

[carlsbadworker]

[quote=FormerSanDiegan]
But, it has to be owned or guaranteed by Freddie or Fannie, meaning presumably that it must fall within conforming limits. [/quote]

The version I read says:

The Treasury Department will also develop uniform guidelines for loan modifications, as well as require all financial institutions receiving government funds to participate in the program. Also, all federal agencies that own or guarantee loans will have to apply the guidelines where appropriate.

“All financial institutions receiving government funds”…that’s everyone these days, isn’t it?

[carlsbadworker]

[quote=FormerSanDiegan]
But, it has to be owned or guaranteed by Freddie or Fannie, meaning presumably that it must fall within conforming limits. [/quote]

The version I read says:

The Treasury Department will also develop uniform guidelines for loan modifications, as well as require all financial institutions receiving government funds to participate in the program. Also, all federal agencies that own or guarantee loans will have to apply the guidelines where appropriate.

“All financial institutions receiving government funds”…that’s everyone these days, isn’t it?

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