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Posted: 1/5/2012 11:35:23 AM EDT
Obama $1 Trillion Mortgage Fix Rumor Pushing Bank Stocks

According to the article, the Obama administration could announce a program modeled on one that was originally devised by Columbia University economists Glenn Hubbard and Christopher Mayer. Under that plan, all homeowners with a Fannie or Freddie-backed mortgage can refinance with a new mortgage at a fixed rate of 4.2% or less if they have been current on their payments for at least three months. And the clincher is that the plan imposes no other qualification - no appraisal or income verification.


Link Posted: 1/5/2012 11:49:07 AM EDT
[Last Edit: 1/5/2012 11:49:24 AM EDT by GoBlue]
good for me. I can't refi now on my 5.38% rate because my LTV is too low given my house lost 30% value. Would need too much cash at close. So long as Obama continues to fuck the economy, I might as well at least get some benefit.

Obama money here I come.
Link Posted: 1/5/2012 11:52:06 AM EDT
My mortgage is at 5.875%, so this would be free money for me.

FBO.
Link Posted: 1/5/2012 11:53:39 AM EDT
Sounds like more bank bail out bullshit to me.
Link Posted: 1/5/2012 11:56:52 AM EDT
Jeez....

Yet-Another-Trillion-Dollar largesse from the Messiah's stash.

(Better start running that printing press!)
Link Posted: 1/5/2012 11:58:15 AM EDT
what could go wrong? just the jug-eared fuckstick trying to finish off the economy.
Link Posted: 1/5/2012 12:00:15 PM EDT
Originally Posted By Partisan:
Sounds like more bank bail out bullshit to me.


That would be my guess too. The banks will get their fees.
Link Posted: 1/5/2012 12:02:31 PM EDT
He's just buying more votes with our money.
Link Posted: 1/5/2012 12:06:59 PM EDT
So are the banks going to refinance for free?

Seems to me that banks would increase closing costs to make up some of the loss or deter people.

Fuck Obongo
Link Posted: 1/5/2012 12:07:15 PM EDT
Mine is already 3.25%
Link Posted: 1/5/2012 12:13:44 PM EDT
Fannie or Freddie. Not every bank. Just the quasi-government banks. If your morgage has already been sold by Freddie or Fannie, it won't help you.

Fannie and Freddie are already sink holes for tax $. That would make them more so.

Also, what happens when the morgage is sold? Will the bank continue the deal or raise the rate? Why would a bank agree to such a deal? Will Freddie and Fannie find it difficult to sell them off?

Isn't this kinda what got us into this mess in the first place, but with more stupid?
Link Posted: 1/5/2012 12:14:47 PM EDT
Originally Posted By foxinnc:
So are the banks going to refinance for free?

Seems to me that banks would increase closing costs to make up some of the loss or deter people.

Fuck Obongo


Only applies to Fannie and Freddie.
Link Posted: 1/5/2012 12:17:07 PM EDT
He is trying to buy votes.
Link Posted: 1/5/2012 12:25:11 PM EDT
[Last Edit: 1/5/2012 12:26:04 PM EDT by Shockergd]
lol


I hate the government but for anyone with a FNMA/FM loan it would mean quite a bit o money.
Link Posted: 1/5/2012 12:26:59 PM EDT
Originally Posted By foxinnc:
So are the banks going to refinance for free?

Seems to me that banks would increase closing costs to make up some of the loss or deter people.

Fuck Obongo


It would likely go through as a internal mortgage rewrite.
Link Posted: 1/5/2012 12:31:46 PM EDT
Only applies Fannie or Freddie-backed mortgage. So typically what voters is this going to help not me that's for sure. But I am on track to have mine paid off early anyway.
Link Posted: 1/5/2012 12:32:57 PM EDT
Perhaps it would be better if the government stayed out of it entirely since they don't truly have any money of their own anyway.
Link Posted: 1/5/2012 12:32:58 PM EDT
Maybe he knows he's toast come November and this is a scorched Earth policy.
Link Posted: 1/5/2012 12:37:13 PM EDT
Don't worry, he'll make it up with tax increases (minus their cut of course.)
Link Posted: 1/5/2012 12:38:39 PM EDT
Laughable
Link Posted: 1/5/2012 12:40:17 PM EDT
And here I was, being responsible and coming up with $27k in order to pay off the mortgage on the house I sold.
Link Posted: 1/5/2012 2:00:41 PM EDT
Link Posted: 1/5/2012 2:03:21 PM EDT
Originally Posted By AR-180:
Perhaps it would be better if the government stayed out of it entirely since they don't truly have any money of their own anyway.


Racist.
Link Posted: 1/5/2012 2:04:13 PM EDT
Originally Posted By osprey21:




hope the motherfucker bursts into flames.....


You and me both brother
Link Posted: 1/5/2012 2:21:17 PM EDT
I really feel bad for the next 2 or 3 Generations of Americans.
Link Posted: 1/5/2012 2:23:45 PM EDT
Good thing I'm out of debt. Now I can pay for everybody elses.
Link Posted: 1/5/2012 2:28:29 PM EDT
My head is full of fuck and it's getting worse.
Someone, anyone please define the definition of: Fascism. It appears that our country has morphed into sometype of hybird of socialism/communism/fascisist 'homeland'. Like it or not citizen, you (and I) had ino nput into how this happened and now (IMHO) we are well beyond the point of no return.
Link Posted: 1/5/2012 2:55:39 PM EDT
Link Posted: 1/5/2012 3:02:50 PM EDT
Why the hell did I pay off my mortgage?
Link Posted: 1/5/2012 3:03:41 PM EDT
I think he thinks that 0% loan will help stimulate the economy. All that extra money not used for mortgage interest, will be spent somewhere else.

We are one step closer to being Rome.
Link Posted: 1/5/2012 3:19:49 PM EDT

Originally Posted By robertl:
Why the hell did I pay off my mortgage?

This is the punishment for you trying to get ahead...
Link Posted: 1/5/2012 3:22:12 PM EDT
Stuff like this makes me wonder why I bother. Tempts me to just walk away and let the bank have it back.
Link Posted: 1/5/2012 3:22:31 PM EDT

Originally Posted By GoBlue:
good for me. I can't refi now on my 5.38% rate because my LTV is too low given my house lost 30% value. Would need too much cash at close. So long as Obama continues to fuck the economy, I might as well at least get some benefit.

Obama money here I come.

Unfortunately this is where I am, too.

I rent that house out now, too, since I couldn't sell it anywhere NEAR what I had left on it. A good refi could make me stop losing money on it every month Heck..I'm sitting at 5.0%, though...
Link Posted: 1/5/2012 3:22:34 PM EDT

Originally Posted By Wash-Ar15:
I think he thinks that 0% loan will help stimulate the economy. All that extra money not used for mortgage interest, will be spent somewhere else.

We are one step closer to being Rome.

Stimulate the economy? Do these fuckwads in Washington even understand how the "Housing bubble" was created?

I know, part of the plan.
Link Posted: 1/5/2012 3:22:35 PM EDT
[Last Edit: 1/5/2012 3:23:30 PM EDT by learath]
Originally Posted By Meta4:
My mortgage is at 5.875%, so this would be free money for me.

FBO.


Mine's about the same. Care to wager on both of us being disqualified if this happens? Either "you make too much" or "you're not at enough risk" or "you're too white".

ETA:
Originally Posted By Dragracer:

Originally Posted By Wash-Ar15:
I think he thinks that 0% loan will help stimulate the economy. All that extra money not used for mortgage interest, will be spent somewhere else.

We are one step closer to being Rome.

Stimulate the economy? Do these fuckwads in Washington even understand how the "Housing bubble" was created?

I know, part of the plan.


I'd presume they do, as Clinton signed the Housing Bubble, not that either Bush helped.
Link Posted: 1/5/2012 3:23:31 PM EDT
That could be very interesting, I'm at 5.0% but I'm going to talk to a broker tomorrow about getting a loan for a different house and renting the current house out. I've been afraid of refi'ing the current house due to restrictions on how long you have to live there before you can get a second mortgage...

Kharn
Link Posted: 1/5/2012 3:24:10 PM EDT
just fuckin great.

meanwhile the responsible ones like me who have been saving and didn't buy during the fucking bubble get to pay to have prices stay inflated.

fuckers.
Link Posted: 1/5/2012 3:31:18 PM EDT
Originally Posted By WayneD:
He's just buying more votes with our money.


This. It will continue all year long!
Link Posted: 1/5/2012 3:33:31 PM EDT

Originally Posted By DonS:
Fannie or Freddie. Not every bank. Just the quasi-government banks. If your morgage has already been sold by Freddie or Fannie, it won't help you.

Fannie and Freddie are already sink holes for tax $. That would make them more so.

Also, what happens when the morgage is sold? Will the bank continue the deal or raise the rate? Why would a bank agree to such a deal? Will Freddie and Fannie find it difficult to sell them off?

Isn't this kinda what got us into this mess in the first place, but with more stupid?

yes
Link Posted: 1/5/2012 3:42:27 PM EDT
Barrack can suck Michelle's dick
Link Posted: 1/5/2012 3:42:39 PM EDT
Think of all the cool new social programs we can have when we cancel the military!
Link Posted: 1/5/2012 3:45:22 PM EDT
I'm current on my home loan, car loan, and student loan....What do I get?


Oh I know...screwed.
Link Posted: 1/5/2012 3:53:17 PM EDT
Originally Posted By dog-meat:
just fuckin great.

meanwhile the responsible ones like me who have been saving and didn't buy during the fucking bubble get to pay to have prices stay inflated.

fuckers.


This.

Fuck you in the ass to everyone that's in favor of this shit. I want to see prices come down even more. Maybe then I'll be able to pick up a few rental properties for cash
Link Posted: 1/5/2012 4:25:55 PM EDT
I'm a little disappointed. From the thread title I was hoping that the government would force all of you to pay off my mortgage. I guess I'll settle for this if I have to.
Link Posted: 1/5/2012 4:27:29 PM EDT
The "Stated income loan/Liar Loan" and ARM fucked...... Allowed alot of people to fuck themselves, which fucked all of us.
Link Posted: 1/5/2012 4:41:40 PM EDT
Originally Posted By Bitmap:
I'm a little disappointed. From the thread title I was hoping that the government would force all of you to pay off my mortgage. I guess I'll settle for this if I have to.


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