New Obama Refinance Proposal Is Practically Worthless

[mudwhistle]

Obama proposed to cut refinance fees on FHA loans in half today.

Problem with that is it does nothing to help someone who is in a financial bind.

The person it would help is someone who has a good paying job and just wants to refinance at a lower rate. It doesn't help someone who is about to lose their home to foreclosure, has lost their job, or is buried in debt.

Obama doesn't offer to increase the debt to income ratio. He doesn't offer to let them refinance without re qualifying as they do on VA refis.

The borrower would have to owe less than the value of the property and have good credit. And have a job.

So this is just another attempt to appear like he cares about the Poor. The poor receives no benefit from this. There are no guarantees that anyone will even qualify for the proposed program.

 

[Avorysuds]

The question everyone needs to ask themselves is, why do I keep paying anything when the Government can do that for me.

 

[Procrustes Stretched]

another right wing dolt praying for American economy to collapse in order for Obama to look bad

 

[zeke]

The person it would help is someone who has a good paying job and just wants to refinance at a lower rate. It doesn't help someone who is about to lose their home to foreclosure, has lost their job, or is buried in debt.

Obama is almost as powerless over this as over gasoline prices.

FHA mortgages are sold into the secondary mortgage market just like conventional loans.
I doubt that there are many/any buyers looking for borrowers with the problems you described.

The only way Obama could help is if, through govt coerecion, they forced the banks to write down the value of the note and mortgage to reflect todays real estate values.

And that ain't gonna happen. But is sure would help the economy. IMO.

 

[zeke]

He doesn't offer to let them refinance without re qualifying as they do on VA refis.

Still have to have a good 12 month (in most cases) mortgage history on the VA IRRL. But I agree, if you have a good FHA loan with a paid as agreed 12 months, refi like VA does. Just rewrite the note and mortgage and go.

Don't know why that couldn't happen.

 

[Syphon]

Obama proposed to cut refinance fees on FHA loans in half today.

Problem with that is it does nothing to help someone who is in a financial bind.

The person it would help is someone who has a good paying job and just wants to refinance at a lower rate. It doesn't help someone who is about to lose their home to foreclosure, has lost their job, or is buried in debt.

Obama doesn't offer to increase the debt to income ratio. He doesn't offer to let them refinance without re qualifying as they do on VA refis.

The borrower would have to owe less than the value of the property and have good credit. And have a job.

So this is just another attempt to appear like he cares about the Poor. The poor receives no benefit from this. There are no guarantees that anyone will even qualify for the proposed program.

whats the GOP solution? do nothing and let them lose the house?

 

[francoHFW]

So this progam doesn't help the poor, just some in the middle class....others do. ZZZZZZZZZZZZZZZZ

Dittohead OUTRAGE!! Dumb....

 

[Peach]

Obama proposed to cut refinance fees on FHA loans in half today.

Problem with that is it does nothing to help someone who is in a financial bind.

The person it would help is someone who has a good paying job and just wants to refinance at a lower rate. It doesn't help someone who is about to lose their home to foreclosure, has lost their job, or is buried in debt.

Obama doesn't offer to increase the debt to income ratio. He doesn't offer to let them refinance without re qualifying as they do on VA refis.

The borrower would have to owe less than the value of the property and have good credit. And have a job.

So this is just another attempt to appear like he cares about the Poor. The poor receives no benefit from this. There are no guarantees that anyone will even qualify for the proposed program.

whats the GOP solution? do nothing and let them lose the house?

The proposal will not be of much assistance.

 

[zeke]

whats the GOP solution?

Everybody knows the answer to that. You gotta give the real rich a big tax cut. Oh, and drill something.
With out birth control. Or insurance. And Obamas gotta go.

Yep that should do it. Housing? What housing. Rich people have housing.

 

[zeke]

The proposal will not be of much assistance.

MAy help some. Depends on what fees got reduced. If the Morrtgage Insurance Premium (MIP) is what got cut, that will help quite a bit. At least as to the amount financed.

But secondary mortgage market buyers will not be looking for poor quality loans again for a long, long time. Already done that. And look what it got us.

 

[mudwhistle]

He doesn't offer to let them refinance without re qualifying as they do on VA refis.

Still have to have a good 12 month (in most cases) mortgage history on the VA IRRL. But I agree, if you have a good FHA loan with a paid as agreed 12 months, refi like VA does. Just rewrite the note and mortgage and go.

Don't know why that couldn't happen.

You and I both know that. Problem is this isn't for the edification of people that qualify for the refi. It's designed for the folks that don't have loans they want to refi. It's designed to make him appear like he cares for the poor or the unemployed nether of which would qualify. It's a gimmick.

 

[mudwhistle]

The proposal will not be of much assistance.

MAy help some. Depends on what fees got reduced. If the Morrtgage Insurance Premium (MIP) is what got cut, that will help quite a bit. At least as to the amount financed.

But secondary mortgage market buyers will not be looking for poor quality loans again for a long, long time. Already done that. And look what it got us.

It all depends on which fees he's talking about. Obama said $1000 a year.

The latest plan, which does not need congressional approval, reduces the costs on up-front FHA mortgage insurance premiums to 0.01 percent from 1 percent of a borrower's loan balance for refinancing under the "streamline" program. It also cuts the annual fee for these loans half to 0.55 percent. News Headlines

The point is this means more risk for the Federal government. Nobody is gonna want to buy the thing.

 

[mudwhistle]

whats the GOP solution?

Everybody knows the answer to that. You gotta give the real rich a big tax cut. Oh, and drill something.
With out birth control. Or insurance. And Obamas gotta go.

Yep that should do it. Housing? What housing. Rich people have housing.

Pure hyperbole.

Everyone got a break in the Bush tax-cuts. Name the tax-cuts that benefit only the extremely rich.

And using our own oil instead of buying other peoples makes sense, unless you're Obama. Why pay our enemies to sell us their oil and risk them cutting us off like Russia has threatened to do in Europe? He hopes he can develop an alternative, but that is still decades away. We need something now.

And the birth control debate isn't about sex or insurance or even taking anything away from women, but it is about religious freedoms.

Housing isn't the same as home ownership....and not everyone should buy.

But you know that.

 

[mudwhistle]

Obama proposed to cut refinance fees on FHA loans in half today.

Problem with that is it does nothing to help someone who is in a financial bind.

The person it would help is someone who has a good paying job and just wants to refinance at a lower rate. It doesn't help someone who is about to lose their home to foreclosure, has lost their job, or is buried in debt.

Obama doesn't offer to increase the debt to income ratio. He doesn't offer to let them refinance without re qualifying as they do on VA refis.

The borrower would have to owe less than the value of the property and have good credit. And have a job.

So this is just another attempt to appear like he cares about the Poor. The poor receives no benefit from this. There are no guarantees that anyone will even qualify for the proposed program.

whats the GOP solution? do nothing and let them lose the house?

Create a strong economy so they can get a job and keep a job and pay their fucken bills.

 

[Syphon]

whats the GOP solution?

Everybody knows the answer to that. You gotta give the real rich a big tax cut. Oh, and drill something.
With out birth control. Or insurance. And Obamas gotta go.

Yep that should do it. Housing? What housing. Rich people have housing.

Pure hyperbole.

Everyone got a break in the Bush tax-cuts. And using our own oil instead of buying other peoples makes sense, unless you're Obama.

And the birth control debate isn't about sex or insurance, but it is about religious freedoms.

Housing isn't the same as home ownership....and not everyone should buy.

But you know that.

the bush tax were skewed toward the wealthy. yes the middle class got a small benefit, but no where near what the wealthy got.
Study: Bush Tax Cuts Favor Wealthy - CBS News
http://www.nytimes.com/2007/01/08/washington/08tax.html

the birth control debate is more about religion pushing its values on the average person than religious freedoms. what you are essentially saying is my morals disagree with yours, and you need to abide by mine because mine are better. not everyone agrees with religious teaching. no one is forcing you take birth control. you simply want to take that choice away from the consumer.
In Birth Control Debate, Religious Beliefs Don't Trump Rights - Wendy Kaminer - National - The Atlantic


the GOP has been for homeownership since the Clinton era. now you are changing your stance?
Newt Gingrich Long Advocated Home Ownership Push Prior To A Reported Freddie Mac $1 Million Payday
http://www.gop.com/2008Platform/Economy.htm
Bill Clinton's drive to increase homeownership went way too far - BusinessWeek

 

[Soggy in NOLA]

another right wing dolt praying for American economy to collapse in order for Obama to look bad

Another left wing dolt cheering as the feds meddle in everything from condoms to home loans...

 

[Syphon]

Obama proposed to cut refinance fees on FHA loans in half today.

Problem with that is it does nothing to help someone who is in a financial bind.

The person it would help is someone who has a good paying job and just wants to refinance at a lower rate. It doesn't help someone who is about to lose their home to foreclosure, has lost their job, or is buried in debt.

Obama doesn't offer to increase the debt to income ratio. He doesn't offer to let them refinance without re qualifying as they do on VA refis.

The borrower would have to owe less than the value of the property and have good credit. And have a job.

So this is just another attempt to appear like he cares about the Poor. The poor receives no benefit from this. There are no guarantees that anyone will even qualify for the proposed program.

whats the GOP solution? do nothing and let them lose the house?

Create a strong economy so they can get a job and keep a job and pay their fucken bills.

the GOP hasnt produced a decent "job" bill yets. all they tout is more tax cuts for the wealthy and less regulation on wall street and with the EPA.

they have also propsed the following:

eliminates Security and Exchange Commission restrictions that prevent entrepreneurs from raising capital from a large pool of investors
- most small business would not be affected by this at all since they dont raise capital from investors, they take out loans.

makes it easier for small businesses by increasing the threshold under which companies are exempt from SEC
registration
- small businesses dont register with the SEC unless that are going public.

raises the shareholder registration requirement threshold from 500 shareholders to 1,000 shareholders
- and what good does this do to help the average job in main street since they dont have shareholders.

all three of these things are to help big business only.

lets see what else has the GOP proposed.
- hmm putting and artificial timeline on the keystone decision
- roll back rules on mercury pollution
- extending the payroll tax
- flood insurance reform
- auction off more broadband spectrum
- Roll Back EPA regulations promoting clean air and pollution
- Roll Back Union rights
- Roll back parts of Dodd Frank


well...... not exactly helping out the middle class and small businesses now. btw this is all of the gop.gov website.

 

[bripat9643]

another right wing dolt praying for American economy to collapse in order for Obama to look bad

Talk about dolts: a left-winger who idolizes Mencken. That's the ultimate in stupidity.

 

[mudwhistle]

whats the GOP solution? do nothing and let them lose the house?

Create a strong economy so they can get a job and keep a job and pay their fucken bills.

the GOP hasnt produced a decent "job" bill yets. all they tout is more tax cuts for the wealthy and less regulation on wall street and with the EPA.

they have also propsed the following:

eliminates Security and Exchange Commission restrictions that prevent entrepreneurs from raising capital from a large pool of investors
- most small business would not be affected by this at all since they dont raise capital from investors, they take out loans.

makes it easier for small businesses by increasing the threshold under which companies are exempt from SEC
registration
- small businesses dont register with the SEC unless that are going public.

raises the shareholder registration requirement threshold from 500 shareholders to 1,000 shareholders
- and what good does this do to help the average job in main street since they dont have shareholders.

all three of these things are to help big business only.

lets see what else has the GOP proposed.
- hmm putting and artificial timeline on the keystone decision
- roll back rules on mercury pollution
- extending the payroll tax
- flood insurance reform
- auction off more broadband spectrum
- Roll Back EPA regulations promoting clean air and pollution
- Roll Back Union rights
- Roll back parts of Dodd Frank


well...... not exactly helping out the middle class and small businesses now. btw this is all of the gop.gov website.

Most of the rollbacks seem to be on bad laws and ridiculous regulations.

The GOP believes that if you have an economy that is business-friendly you create job growth.

Obama wants to help his special interest groups only, even if it fucks people out of a job.

The reason unemployment is still above 8% is because of Obama and his stupid policies. We would be closer to 6 by now if it weren't for him and his crony-capitalism.

 

[Toddsterpatriot]

whats the GOP solution? do nothing and let them lose the house?

Create a strong economy so they can get a job and keep a job and pay their fucken bills.

the GOP hasnt produced a decent "job" bill yets. all they tout is more tax cuts for the wealthy and less regulation on wall street and with the EPA.

they have also propsed the following:

eliminates Security and Exchange Commission restrictions that prevent entrepreneurs from raising capital from a large pool of investors
- most small business would not be affected by this at all since they dont raise capital from investors, they take out loans.

makes it easier for small businesses by increasing the threshold under which companies are exempt from SEC
registration
- small businesses dont register with the SEC unless that are going public.

raises the shareholder registration requirement threshold from 500 shareholders to 1,000 shareholders
- and what good does this do to help the average job in main street since they dont have shareholders.

all three of these things are to help big business only.

lets see what else has the GOP proposed.
- hmm putting and artificial timeline on the keystone decision
- roll back rules on mercury pollution
- extending the payroll tax
- flood insurance reform
- auction off more broadband spectrum
- Roll Back EPA regulations promoting clean air and pollution
- Roll Back Union rights
- Roll back parts of Dodd Frank


well...... not exactly helping out the middle class and small businesses now. btw this is all of the gop.gov website.

the GOP hasnt produced a decent "job" bill yets.

They passed a great jobs bill, right after they took the House.
The Senate never brought it to the floor.