2008-12-10 — bloomberg.com
"Fannie Mae and Freddie Mac, the mortgage-finance companies seized by the U.S. government, are considering forgoing new appraisals on refinanced loans to help struggling homeowners, their regulator said."
If this is the wisdom being proferred by FHFA, we're in for a rough ride...
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Comments:
MortgageDrummer at 00:29 2008-12-12 said:
Oh boy, , here we go. . the lender doesn't want you to know the current value of your home. . they will just refinance your balance at a lower rate. . but be careful. . . your home that was worth $200,000.00 of which you did a 100% loan when you purchased it is now worth $150,000.00 but don't tell the borrower. :? . they may not want to know they are in a depreciating asset/market and their home is worth less. . . but guess what??? They will go ahead and collect interest on your full amount of $200,000.00 even tho it's only worth $150,000.00 . . WHAT???? OH!!!! THIS IS A GREAT IDEA . . . AGAIN, WHEN IS SOMEONE GOING TO LET THE PEOPLE THAT KNOW HOW MORTGAGES WORK PUT THEIR 2CENTS IN??? :cry: Permalinkadd a comment | go to forum thread
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