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U.S. May Back Refinance Plan for Mortgages (Insanity)
ny times ^ | 8/24/2011 | SHAILA DEWAN and LOUISE STORY

Posted on 08/24/2011 7:56:09 PM PDT by tobyhill

The Obama administration is considering further actions to strengthen the housing market, but the bar is high: plans must help a broad swath of homeowners, stimulate the economy and cost next to nothing.

One proposal would allow millions of homeowners with government-backed mortgages to refinance them at today’s lower interest rates, about 4 percent, according to two people briefed on the administration’s discussions who asked not to be identified because they were not allowed to talk about the information.

A wave of refinancing could be a strong stimulus to the economy, because it would lower consumers’ mortgage bills right away and allow them to spend elsewhere. But such a sweeping change could face opposition from the regulator who oversees Fannie Mae and Freddie Mac, and from investors in government-backed mortgage bonds.

Administration officials said on Wednesday that they were weighing a range of proposals, including changes to its previous refinancing programs to increase the number of homeowners taking part. They are also working on a home rental program that would try to shore up housing prices by preventing hundreds of thousands of foreclosed homes from flooding the market. That program is further along — the administration requested ideas for execution from the private sector earlier this month.

(Excerpt) Read more at nytimes.com ...


TOPICS: Extended News; Front Page News; News/Current Events
KEYWORDS: bohica
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1 posted on 08/24/2011 7:56:11 PM PDT by tobyhill
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To: tobyhill
Through Fanny and Freddie - the gov’t already OWNS a vast swath of America homes - it intends to own every single one it can get it's claws into...

and do you think that those homes will EVER be back on the market for citizens to buy from private mortgage companies?

See my tag line. and Remember what Reagan said about the scariest words - “Hi, I'm from the government and I'm here to help you.”

2 posted on 08/24/2011 8:00:44 PM PDT by maine-iac7 (ALWAYS WATCH THE OTHER HAND)
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To: tobyhill

The only constrant refrain I find in this four years of hell is “Where’s the Congress”. They may not know history but their throats are on the line as much as anyone’s.


3 posted on 08/24/2011 8:03:20 PM PDT by TwoSwords (The Lord is a man of war, Exodus 15:3)
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To: tobyhill
It was a very slippery slope to let the govt take over 90% of the home mortgage market. Now the last thing that seems to be considered are the basics of financing..the value of the property and the ability of the borrower to repay. We will just dig ourselves a deeper hole. We need the lending decisions to be made freely by a market based banks in diverse markets. Not by a few big banks and one govt.
4 posted on 08/24/2011 8:05:05 PM PDT by Oldexpat
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To: tobyhill
It was a very slippery slope to let the govt take over 90% of the home mortgage market. Now the last thing that seems to be considered are the basics of financing..the value of the property and the ability of the borrower to repay. We will just dig ourselves a deeper hole. We need the lending decisions to be made freely by a market based banks in diverse markets. Not by a few big banks and one govt.
5 posted on 08/24/2011 8:05:14 PM PDT by Oldexpat
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To: Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; EricTheRed_VocalMinority; ...

The list, ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/


6 posted on 08/24/2011 8:09:30 PM PDT by Nachum (The complete Obama list at www.nachumlist.com)
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To: tobyhill
"A wave of refinancing could be a strong stimulus to the economy"

This will FURTHER destroy the economy, as this Reparations Plan (it's all about those non-qualified "buyers" who got loans by Government FORCING banks to loan to welfare queens, and they've NEVER paid their mortgages) and the Taxpayers are again gonna be on the hook for OTHER PEOPLE'S MORTGAGES. (See tagline).

7 posted on 08/24/2011 8:11:23 PM PDT by traditional1 ("Don't gotsta worry 'bout no mo'gage, don't gotsta worry 'bout no gas; Obama gonna take care o' me!)
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To: tobyhill

This is being done to shore the banks as well.

Worst part is a great number of these homes will never be occupied again and will deteriorate to the point of being needed to be torn down.

And the taxpayer will get stuck with the bill.


8 posted on 08/24/2011 8:14:38 PM PDT by Free Vulcan (Obama/Biden '12: No hope and chump change.)
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To: tobyhill

Flippin Wells-Fargo sold my note to Fannie....

looks like I’ll be takin advantage of gubment stuff.

movin on up....


9 posted on 08/24/2011 8:15:31 PM PDT by stylin19a (obama..."Fredo-Smart")
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To: tobyhill

Woo hoo!! Free money!! Free lunch!! Free beer for all!! Vote here.


10 posted on 08/24/2011 8:16:08 PM PDT by Jim Robinson (Rebellion is brewing!! Impeach the corrupt Marxist bastard!!)
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To: stylin19a

Not to worry. The “rich” will pay for it.


11 posted on 08/24/2011 8:18:16 PM PDT by Jim Robinson (Rebellion is brewing!! Impeach the corrupt Marxist bastard!!)
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To: Free Vulcan
Until the Gubermint lets the market correct itself without interference then we will continue to see our economy suffer.
12 posted on 08/24/2011 8:18:54 PM PDT by tobyhill (Real Spending Cuts Don't Require Increasing The Debt)
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To: tobyhill

So to qualify, just skip a payment or two. Maybe the govt will then give you a discount on what you owe too. I am hoping for that. I’ll skip a payment or two - and hope they refinance my home at a lower rate for less than I currently owe. Thanks Obamba for the 8K to buy, this just keeps getting better. I got 4 gm cars in the past 48 months, two in the past year for nearly 1/2 price - Govt Motors is hope and change. My 28K 24-month old car only lost $1200 for the final trade in - jeez, the used ones cost more than the new ones! Maybe having cash helps.


13 posted on 08/24/2011 8:20:34 PM PDT by Jumper
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To: tobyhill

So to qualify, just skip a payment or two. Maybe the govt will then give you a discount on what you owe too. I am hoping for that. I’ll skip a payment or two - and hope they refinance my home at a lower rate for less than I currently owe. Thanks Obamba for the 8K to buy, this just keeps getting better. I got 4 gm cars in the past 48 months, two in the past year for nearly 1/2 price - Govt Motors is hope and change. My 28K miles 24-month old car only lost $1200 for the final trade in - jeez, the used ones cost more than the new ones! Maybe having cash helps.


14 posted on 08/24/2011 8:20:55 PM PDT by Jumper
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To: tobyhill

So to qualify, just skip a payment or two. Maybe the govt will then give you a discount on what you owe too. I am hoping for that. I’ll skip a payment or two - and hope they refinance my home at a lower rate for less than I currently owe. Thanks Obamba for the 8K to buy, this just keeps getting better. I got 4 gm cars in the past 48 months, two in the past year for nearly 1/2 price - Govt Motors is hope and change. My 28K miles 24-month old car only lost $1200 for the final trade in - jeez, the used ones cost more than the new ones! Maybe having cash helps.


15 posted on 08/24/2011 8:21:08 PM PDT by Jumper
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To: stylin19a

Mine was sold to USBank. I guess I’m on “the hook”. Sheesh


16 posted on 08/24/2011 8:22:08 PM PDT by eyedigress ((Old storm chaser from the west)?)
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To: Free Vulcan

You’re probaby right; I don’t see any benefit to the government using worthless paper dollars to buy worthless homes.


17 posted on 08/24/2011 8:24:16 PM PDT by kearnyirish2
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To: tobyhill
UPDATER: Chrissie Dudd left congress in 2010 in order to devote full time to his search for those elusive Countrywide mortgage documents. We're certain, however, that Bawney Fwank is fully up to the job.
Photobucket


18 posted on 08/24/2011 8:24:42 PM PDT by Dick Bachert (The 2012 election is coming. Seems we have MORE TRASH TO REMOVE!)
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To: traditional1

Congress should quit protecting the credit card operators in Joe Biden’s Delaware by allowing them high interest rates. It’s time for something like a 5% cap ~ gives them a nearly 3% spread above the Tbill rates.


19 posted on 08/24/2011 8:25:20 PM PDT by muawiyah
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To: traditional1

Congress should quit protecting the credit card operators in Joe Biden’s Delaware by allowing them high interest rates. It’s time for something like a 5% cap ~ gives them a nearly 3% spread above the Tbill rates.


20 posted on 08/24/2011 8:25:31 PM PDT by muawiyah
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