Obama Refi Plan Would Help Non-GSE-Backed Borrowers

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  1. This will be another example of a failed program. This program might save one or two families $200 a year in their mortgage plan. Another attempt for Obama to fool Americans that he is doing good for the country. People need deep modifications and build the amount due back into the loan for when they get back on their feet in a few years but again that will most likely delay the inevitable. Let the market play out so we can get through the pain faster.

  2. Geena, Let the market play out, let the market play out is such a stupid battle cry. What does that even mean? Just keep the government out? The government has done a lot of good in times trouble. The banks, a major contributor to the problem we have, along with the WS brokers, AIG, Fannie, Freddie and the regulators, are controlling the foreclosures by not foreclosing until they can schedule them trying to affect the market. That is not letting the market play out. If they did put all the foreclosures on the market it would be a disaster and tank the market.

    So you know the future? This is a failed program? You have to try something before it can fail.

    Really? The plan would help 2 families save $200???? NONSENSE

    We need to keep people in their homes not toss them into the street. Many Many people could stay in their homes if their mortgage principle is reduced so their home is not underwater and their interest rate is brought to current rates.

    Let’s work to keep people in their homes.

  3. Michael

    One glaring aspect of this program tells you everything you need to know about it – no appraisal is required. That’s right – the government doesn’t care how much your house is worth, you just get a “pass” on part of what you owe on the home. Take it this way – the TV I bought on my Visa credit card isn’t worth what it was 2 years ago because it’s not a 3D TV. By this logic, there should be a federal program so I only have to pay back $400 instead of $1,500 to my visa card because I’m “underwater” on my TV. Sounds silly, doesn’t it? Owning a home is not a “right” – it’s a financial decision with RISK that you CHOOSE to risk your money into. Sometimes you LOSE- that’s why you don’t sign your name to a mortgage for 95% of a home’s value- DUH. What about the country’s 75,000+ real estate appraisers who, rather than being able to provide a valuable service and keep the banks and lenders honest, are going to go out of business because no one will be using their services on refinances anymore? Is Obama going to bail them out?

  4. Tom,
    You are right, I remember many years ago in Long Island New york, we had a lot of foreclosed properties, and double digit interest. The towns had an incentives. Interest free loans to repair homes(Most homes were guttered) Requirement was that You had to live in the home 7 years, and it was yours. It definately worked, now these same properties are worth small fortunes. The values are up, and they are Beautiful neighborhoods. I think the mind set that we should ride it out? and where the chips fall? I understand some people feel that it is a free ride for freeloaders? They are angry, and they have a right to be, However, if anyone is at fault it is the Banks, taking taxpayers monies, and paying Bonuses? Isn’t a Bonus suppose to be a reward for a good job?
    A lot of homes that were foreclosed, were done illegally, and I am glad that we have a president who is willing to go past all the blame game, and try to make somethng positive out of this mess.
    Michael, you are right on what you are saying, however before recently there was not a true disclosure that was mandatory from the lenders, and when people had gotten loans, they did not know what they were purchasing. A buyer would go to a lender, they thought was there friend, and because it was not clearly explained would get in over there head. I have done a lot of short sales for some great people, that simply did not understand, they were to trust worthy. This plan may not be 100% right, but it is a start.

  5. I cannot understand why so many people are so anxious for those who made a bad decision when financing their homes to be punished. I can guarantee you that if the Realtors and the lenders who were involved in these purchases and loans had explained these loans in detail and stressed the risk they were taking we wouldn’t be in the state we are.

    Greed is the basis of most evil and yes, Realtors too are quilty of Greed. I would have walked away from a sale before I put a buyer in some of these loans. I have to sleep at night. To my knowledge not one of our buyers got one of these loans and it did not hurt our sales.
    It hurts to see Realtors who have a Code of Ethics so ready to punish their fellow man for being ignorant of the facts. We Realtors should have made sure that buyers knew exactly what their payments were going to be when they rolled to a higher interest and what their risk was if property values went down. Look at the history of property values and you will see peeks and valleys from the beginning of time. Nothing stays the same.

    Let’s start thinking of our fellow man. Many people need help thru no fault of their own. Sure there will be some abuses but the good far out weighs the bad.

  6. Peggy Wisniewski

    I am a home owner who owes more than the property is worth at this time and banks won’t refi because we are not backed by Fannie and Freddie. We need to sell but can’t due to this situation. Buyers don’t want to pay more then it is worth (which was 100 grand higher a few yrs back) and banks won’t loan to them. My husband and I have had our pay cut for the last several years and feel this new proposal would be of great help to a lot of people. Please push forward with you plans to expand the HAPR program. Thank you from CA

  7. Graham Wood

    Yes we use WordPress, though the amount of HTML coding we need to use is minimal.