Obama promises to lower mortgage rates--BEST IDEA YET!

Discussion in 'Economy' started by oreo, Feb 1, 2009.

  1. oreo
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    oreo Gold Member Supporting Member

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    I think Obama has finally gained some insite into this economic mess. Finally--he has come up with a very good idea, at least in my opinion. Today he stated he is promising lower mortgage rates. Over the past years, most Americans have bought homes on 30 year fixed mortgages or re-financed their existing mortgages in the 5% range.

    If he can get a 30 year fixed mortgage rate (to people with good credit & are able to re-pay the loans) down in the 3 or 4% range--this economy would come booming back, & there would be no need to do the 813 billion stimulus. Americans would be running to the banks to re-finance their existing mortgages & new exisitng housing would be gobbled up, then leading to increased property values all over America, etc. etc. Along wth re-financing there would be existing homeowners borrowing on their homes to buy new cars, remodeling etc. etc. FINALLY A GREAT IDEA THAT DOESNT COST THE TAXPAYER ANYTHING!

    Along with that he should lower corporate tax rates which are presently at 35%! This is the highest rate for business taxes in the entire world. If he will do that business will borrow, they will grow, & they will hire Americans. They will also stay in this country versus taking their operations overseas.

    Hopefully they'll get it done!
     
    Last edited: Feb 1, 2009
  2. editec
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    editec Mr. Forgot-it-All

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    Given that I have already paid more than twice the purchase price of my home (thanks to the 10.5% I paid for 15 years..I refied as soon as I could it's now about 5.5%) dropping my rate to ZERO PERCENT would be only fair.

    After all, we ARE in a period of DEFLATION, so demanding that I pay interest with dollars which are worth MORE than I borrowed seems highly unfair.
     
  3. Paulie
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    Paulie Platinum Member

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    Unfair? You signed on the dotted line, Ed. What's FAIR is you merely making good on your contract.
     
  4. wimpy77
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    wimpy77 Member

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    a senator from alabama talked to obama it and they came up with the conclusion. but the senator wants to be basically help the people that have lost their jobs first.
     
    Last edited: Feb 5, 2009

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