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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Giordano Bruno who wrote (87832)10/21/2007 11:32:41 AM
From: jmparret  Read Replies (2) of 110194
 
As usual these things are written by lawyers and are quite confusing. My read is you can withdraw $100,000 but have to pay it back within 3 years. My calculations show that paying back $100,000 in three years at 7% interest is about $3100 per month. If you cannot pay your mortgage how would you pay that??? Oh you don't, after 3 years you are charged the 10% penalty and dont have to pay the 100Gs.

Here is the sentence that caused me to think this.

"The HOME Act would make withdrawals for the purpose of refinancing or avoiding foreclosure penalty-free as well, as long as they are paid back within three years."

Of course this was taken out of context and the first sentence does not state a repayment requirement for anyone 60 days past due.

Joe
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