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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 691.88

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Jan 30 4:00 PM EST

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To: Johnny Canuck who wrote (47453)	2/1/2012 2:06:12 PM
From: Johnny Canuck	Read Replies (2) of 70282

Obama proposes home loan refinancing planBy Les Christie \| CNNMoney.com – 23 minutes ago President Barack Obama proposed a plan aimed at helping millions of homeowners refinance their mortgages to today's historically-low rates. To pay for it though, he'll need $5 billion to $10 billion. The plan would allow borrowers who are current on their mortgage to save thousands of dollars by refinancing into loans backed by the Federal Housing Administration, according to the U.S. Department of Housing and Urban Development. The cost is estimated to range between $5 billion and $10 billion. To pay for it, Obama said he does not plan to add to the deficit. Instead, he wants to impose a fee on large banks -- a move that may have a hard time making it past members of Congress, who have rejected the notion of taxing the banks in the past. The refinancing plan is the latest in a string of programs designed to help solve the nation's housing market crisis. President Obama unveiled the Home Affordable Modification Program (HAMP) foreclosure-prevention effort three years ago as part of the massive stimulus bill. But the plan, which sought to help 4 million homeowners, has helped less than 1 million to date. What's different about this latest proposal is that it would help borrowers with private, non-government bank loans who could not obtain new refinanced loans in the past because they owed more on their mortgages than their homes were worth. "If you're underwater through no fault of your own and can't refinance, this plan changes that," Obama said in a speech in Falls Church, Va. On Wednesday. To be eligible for the new refinancing program, borrowers must not have missed a mortgage payment for at least six months and have no more than one late payment in the six months prior to that. They also must have a credit score of 580 or better, a threshold that the administration says 9 out of 10 borrowers meet. [url=http://us.lrd.yahoo.com/_ylt=ArCKkFI0baaknX74G_VNOFe424dG;_ylu=X3oDMTFqaWd2Ymg3BG1pdANBcnRpY2xlIEJvZHkEcG9zAzIEc2VjA01lZGlhQXJ0aWNsZUJvZHlBc3Nl

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