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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: XoFruitCake who wrote (122136)	5/10/2008 5:54:29 PM
From: RockyBalboa	Read Replies (1) \| Respond to of 306849

I have read Tanta´s take on it and the comments and all provide an unclear picture whether it is effective or not. Many questions on restrictions remain open: -No cashout refi at > standard LTV? (pretty obvious but...) -No piggyback refi? (this is less clear. If I cashed out via a piggyback loan, and I´m current on both I would feel treated unfairly compared to a similar case just without a second mortgage). -FNM only? (is it effective then? Most who are in need of a refi and are current, have acreeting loans, or loans with teaser rates and big points tacked on the normal rate. As it seems it is for borrowers where houses declined in value AND which want to refi a current loan. But...what would the rate be? Would it be an improvement at all? To the best of my knowledge FNM is no expert in NegAms.