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President Obama is reconsidering a plan to allow millions of homeowners with government-backed mortgages the ability to refinance their mortgage at historically low rates in an effort to boost a still struggling U.S. economy, the New York Times reported, citing two people briefed on the administration's discussions.
Originally posted by twitchy
None of these wonderous new refinance programs apply to owners of mobile homes, hell we're paying 13% interest and are in desperate need of refinancing our home. As soon as the banks hear the word mobile home, they aren't interested even with the property attached to the mortgage.
Originally posted by Julie Washington
reply to post by sligtlyskeptical
4% is too high. It needs to be 2% - the same as those that get loan modifications.
And it needs to be put in place ASAP.
Sadly, i doubt this will ever happen.
"Anyways, i have always pushed for some type of federal refinance program"
Interesting statement - just who have you pushed? Or do you mean supported?
Originally posted by Vitchilo
It's not called a ``new mortgage refinance program``... it's called a ``payoff to buy votes``...
Originally posted by GeorgiaGirl
Am I really the only person that thinks this is not a good idea?
Some Of Your Taxpayer Assets Will Be Sold Off To 'Vulture Funds,' In Case You Were Interested
Hey, everybody! Time now to check what's going on with that giant portfolio of foreclosed-upon homes that we, as taxpayers, own. Did you forget that we owned a giant portfolio of foreclosed-upon homes? Because we do. Anyway, the good news is that we may not have this portfolio for much longer. The bad news is that we'll be relieved of it in one of the worst deals possible.
At any rate, Ken Layne points us to some recent news on that front:
The largest transfer of wealth from the public to private sector is about to begin. The federal government will be bulk-selling the massive portfolio of foreclosed homes now owned by HUD, Fannie Mae and Freddie Mac to private investors -- vulture funds.
These homes, which are now the property of the U.S. government, the U.S. taxpayer, U.S. citizens collectively, are going to be sold to private investor conglomerates at extraordinarily large discounts to real value.
You and I will not be allowed to participate. These investors will come from the private-equity and hedge-fund community, Goldman Sachs and its derivatives, as well as foreign sovereign wealth funds that can bring a billion dollars or more to each transaction.
In the process, these investors will instantaneously become the largest improved real estate owners and landlords in the world. The U.S. taxpayer will get pennies on the dollar for these homes and then be allowed to rent them back at market rates. - Continues