2012-03-08 — cnsnews.com
``With no authorization from Congress, President Barack Obama has announced that his administration--through the Federal Housing Administration--will insure refinanced mortgages for 2 to 3 million borrowers without verifying their income or even if they hold a job, according to the Department of Housing and Urban Development (HUD).'' -- Well DUH... look who just discovered the decade-plus running con that is FHA and the GSEs... (on the other hand this is a great deal for those who want to refi underwater!)
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Comments:
ronin at 01:51 2012-03-10 said:
Get real. Obama didn't invent the Streamline refi, and the program is not going to turn the country into a Socialist slum. This is strictly a rate reduction, no cash out refi of a loan that is ALREADY guaranteed by the taxpayers. The rate reduction has to be enough to let the monthly payment go down by at least 5%. The idea is that the lower payment will be easier for the homeowner to make, and less likely to default. If the homeowner makes the payments, the taxpayers don't have to kick any money in. If, however, your real motive is to protect Wall Street, you will attack streamlining, because it pays off the high-rate existing taxpayer-guaranteed mortgage. That hurts the yield of whatever derivatives the mortgage got blended into. Permalinkadd a comment | go to forum thread
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