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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Alighieri who wrote (626208)	8/29/2011 8:34:22 PM
From: Tenchusatsu	Read Replies (1) \| Respond to of 1578930

Al, > What's a great deal? Paying going interest rates when they are paying much higher now and can't refi for one reason or another? Why would we deprive these folks from lowering their payments if, at the same time, we keep them from borrowing more than they owe today? Listen to yourself. You're acting like they have a right to refinance their mortgages without having any equity in their homes. These folks agreed to pay a set interest rate at the time the loan was signed. The mortgage payments for the most part are fixed. If they're having trouble keeping up, they can work with the bank to renegotiate the terms of the loan or do a short sale. Many people are doing just that. But apart from financial hardship, I don't see any need to give existing homeowners who are underwater on their mortgages a great refi deal with no equity. If the Obama plan has a hardship requirement, that's one thing, but from what I read, the plan is likely going to include anyone who has a Fannie/Freddie-backed mortgage. Kind of a "stimulus" for homeowners. > And why is that good for "BoA" ? At the very least, the government is telegraphing its desire to support the real estate market. BoA will love that since they're trying to get rid of their glut of foreclosed homes. That's their number one concern right now. Tenchusatsu