obama wants you to refinance....

[manu1959]

WASHINGTON — Declaring "good news" in the midst of an economic meltdown, President Barack Obama on Thursday urged families to take advantage of near-record low mortgage rates by refinancing their home loans. "We are at a time where people can really take advantage of this," Obama said, seated with a handful of homeowners who have already lowered their bills.

Comcast.net: Obama says timing right for millions to refinance


uhhhhhh 10% of the population is unemployed......an unknown amount have taken pay cuts......most peoples homes are worth less than they were.....

banks aren't taking risk at the moment......

how exactly does the average american impliment this directive......

 

[RetiredGySgt]

WASHINGTON — Declaring "good news" in the midst of an economic meltdown, President Barack Obama on Thursday urged families to take advantage of near-record low mortgage rates by refinancing their home loans. "We are at a time where people can really take advantage of this," Obama said, seated with a handful of homeowners who have already lowered their bills.

Comcast.net: Obama says timing right for millions to refinance


uhhhhhh 10% of the population is unemployed......an unknown amount have taken pay cuts......most peoples homes are worth less than they were.....

banks aren't taking risk at the moment......

how exactly does the average american impliment this directive......

I am in the process of refinancing right now. My house when I bought it as it was being built was 116 thousand. And I have a 7 percent loan on it. It was just appraised for around 170 thousand and I am getting a 5.5 percent loan. Taking equity out to pay my high finance cards and other debt. And the payment is almost the same after that.

 

[xsited1]

Bankers are going to make a bundle of money in fees. Obama obviously knows who his masters are.

 

[Silver Diva]

Depends on your definition of the "Average American". I consider myself to be an average American. I just refinanced last week. My monthly payment went down just over $200! Regardless of your financial status and the value of your home, call your lender, and other banks. The worst thing that can happen to you is that they can say no!

 

[Neubarth]

I just used Quicken and refinanced my $200,000 first from 6% all the way down to 4.375%

 

[manu1959]

ya .... my house is 500k so i guess i am not average as that exceeds the jumbo # set by the feds.....glad all you guys can take advantage of things....

 

[RodISHI]

Bankers are going to make a bundle of money in fees. Obama obviously knows who his masters are.

It would not suprise me if they made it mandatory to have a bank loan/mortgage on your home.

Doesn't anyone actually own their homes free and clear any more?

 

[manu1959]

Bankers are going to make a bundle of money in fees. Obama obviously knows who his masters are.

It would not suprise me if they made it mandatory to have a bank loan/mortgage on your home.

Doesn't anyone actually own their homes free and clear any more?

the house sure....the land you rent from the government....

 

[RodISHI]

Bankers are going to make a bundle of money in fees. Obama obviously knows who his masters are.

It would not suprise me if they made it mandatory to have a bank loan/mortgage on your home.

Doesn't anyone actually own their homes free and clear any more?

the house sure....the land you rent from the government....

I done a bit of research in the last few years concerning land rights. One can own land absolutely. California deeds are most generally ran through a title company. The Title company warrants the land to be free of encumberances. In many other states abstractors are still in use. Here in Iowa if you own the land you own everything above and below the ground/land that you own.


Land patents are the legal documents that transferred land ownership from the U.S. Government to individuals and to states to be disbursed/sold or used for infrastructure. When your land tracts back to an original land patent with proper legal transfers along the way you do absolutely own the land.

“State statutes that give less authoritative ownership of title than the patent can not even be brought into federal court” Langdon v. Sherwood, 124 U.S. 74, 81. Land patents are granted to the named party and to their heirs and assigns........

‘After exclusive jurisdiction over lands within a State have been ceded to the United States, private property located thereon is not subject to taxation by the State, nor can state statutes enacted subsequent to the transfer have any operation therein.’ Surplus Trading Company v. Cook, 281 U.S. 647; Western Union Telegraph Co. v. Chiles, 214 U.S. 274; Arlington Hotel v. Fant, 278 U.S. 439; Pacific Coast Dairy v. Department of Agriculture, 318 U.S. 285

 

[manu1959]

It would not suprise me if they made it mandatory to have a bank loan/mortgage on your home.

Doesn't anyone actually own their homes free and clear any more?

the house sure....the land you rent from the government....

I done a bit of research in the last few years concerning land rights. One can own land absolutely. California deeds are most generally ran through a title company. The Title company warrants the land to be free of encumberances. In many other states abstractors are still in use. Here in Iowa if you own the land you own everything above and below the ground/land that you own.


Land patents are the legal documents that transferred land ownership from the U.S. Government to individuals and to states to be disbursed/sold or used for infrastructure. When your land tracts back to an original land patent with proper legal transfers along the way you do absolutely own the land.

“State statutes that give less authoritative ownership of title than the patent can not even be brought into federal court” Langdon v. Sherwood, 124 U.S. 74, 81. Land patents are granted to the named party and to their heirs and assigns........

‘After exclusive jurisdiction over lands within a State have been ceded to the United States, private property located thereon is not subject to taxation by the State, nor can state statutes enacted subsequent to the transfer have any operation therein.’ Surplus Trading Company v. Cook, 281 U.S. 647; Western Union Telegraph Co. v. Chiles, 214 U.S. 274; Arlington Hotel v. Fant, 278 U.S. 439; Pacific Coast Dairy v. Department of Agriculture, 318 U.S. 285

don't pay your property taxs and watch what happens....

 

[alan1]

I bet he want's people to refinance for 30 years also.

No thanks, I'll keep my 5% mortgage that will paid off before I retire.