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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Snowshoe who wrote (21813)	8/31/2007 6:41:31 AM
From: TobagoJack	Read Replies (4) \| Respond to of 217885

Think again. I think THEY are going to rob you and then tear you a new one, and then ask you to show gratitude by voting for them, so that THEY can do it to you again ;0) I'm assuming that everyone is reading about the bailout proposed by the Bush Administration. As the Fed intervened on Options Expiration Friday, the Bush Administration now intervenes on the last business day of the month, and on a day when many ABCD's are to roll over (they hope). So what exactly are they doing? Can anyone interpret this? "Among the moves will be an administrative change to allow the Federal Housing Administration, which insures mortgages for low- and middle-income borrowers, to guarantee loans for delinquent borrowers. The change is intended to help borrowers who are at least 90 days behind in payments but still living in their homes avoid foreclosure; the guarantees help homeowners by allowing them to refinance at more favorable rates." So are we now incentivized to not pay our next 3 months of mortgage payments so that we too can get a lower refinancing rate? Is this available only for homes under $393,000 as it is targeted for "low and middle income borrowers? They want to eliminate the 3% down payment requirement. How is that productive? Is this not available for any "investment home" or "speculative purchase?" Will they have to proved that they are actually living in the home? The FHA says it can "help an additional 80,000 homeowners in 2008." But there are 2 million supposedly under stress. What happens to the other 1,920,000? 96% will still be screwed. Who gets the preferential treatment? How do they decide? Reading the WSJ article, it appears that it is more fluff than substance, and they are basically trying to just get the ABCD paper rolled over for the end of the month along with jamming the short-sellers and trying to bail out Wall Street. I have more questions than answers. Anyone else have any insights here?