White House: Why Refi

[iamwhatiseem]

Refinance....
Take a home where you have only 7 years left to pay and where 90% of your payment is applied to the balance. Refinance....add 10 more years to the loan where now 10% of your payment is applied to the balance and you will pay far more than before in the long run. and the bank will LOVE you....BUT the payment is smaller...YAAAAY!!!!

 

[Sallow]

Bill Clinton: Bush Tax Cuts Should Be Extended Temporarily (VIDEO)

Go to 4:11. Clinton is not in favor of keeping tax cuts on the rich permanent.

In any case..

I disagree.

Republicans want lower spending..well now they got it.

The grand bargain should stand.

Reduction in spending. Tax Cuts sunset.

That's the deal.

 

[Sallow]

I'm trying to refinance a couple of my properties.

We'll see if Dodd/Frank screwed me in about a month.

Why would it?

 

[Sallow]

Refinance....
Take a home where you have only 7 years left to pay and where 90% of your payment is applied to the balance. Refinance....add 10 more years to the loan where now 10% of your payment is applied to the balance and you will pay far more than before in the long run. and the bank will LOVE you....BUT the payment is smaller...YAAAAY!!!!

Sometimes that's what's needed to get over the rough patches.

It's not perfect.

 

[Sallow]

Tell Us What You Think About Refinance | The White House

President Obama Calls for a Simpler Refinancing Process | The White House

Watch the video, fill out the form.

Or - you know. Not.

Obama already tried this, only about 8,000 got refinanced. It was a huge failure.

Why such short memories?

Why was it a failure?

 

[iamwhatiseem]

Refinance....
Take a home where you have only 7 years left to pay and where 90% of your payment is applied to the balance. Refinance....add 10 more years to the loan where now 10% of your payment is applied to the balance and you will pay far more than before in the long run. and the bank will LOVE you....BUT the payment is smaller...YAAAAY!!!!

Sometimes that's what's needed to get over the rough patches.

It's not perfect.

Yeah but how many people start paying more once they get past the rough patch? Maybe 5%?
That is the rub. Refinancing and 2nd mortgages is part of why the system crashed...seems like he wants to fight the fire with gasoline. You and I both know that for every person who uses refinancing for the right reason - there will be ten-fold who use it for the wrong reasons.
Can you say "reset".

 

[Sallow]

Tell Us What You Think About Refinance | The White House

President Obama Calls for a Simpler Refinancing Process | The White House

Watch the video, fill out the form.

Or - you know. Not.

Obama already tried this, only about 8,000 got refinanced. It was a huge failure.

Why such short memories?

You mean HE was a huge failure, right?
His housing policies have sucked worse than anything else. With a lot of jobs dependent on the housing market getting it going would be a priority, right? No. Obama wants to keep people in houses they can't pay for, depressing the market and eliminating construction jobs. His numerous programs, HAMP etc, have all artificially kept prices high, shutting out qualified buyers and investors and rewarding the stupid.

The huge failure started at the beginning of the Bush administration when he dropped interest rates to zero to start the housing bubble. Then unregulated loan agents swooped in and promised days of Wine and Roses to borrowers while lying to lenders about their ability to pay. Nothing has been done about that, by the way. Then these loans were bundled into mortgage back securities and sold on the open market as sound investments. Yessiree..the S&P said they were rock solid. Unknown to everyone..the smarties that bundled them..also insuranced them with AIG against loss...

But it was Obama's fault.

 

[The Rabbi]

Obama already tried this, only about 8,000 got refinanced. It was a huge failure.

Why such short memories?

You mean HE was a huge failure, right?
His housing policies have sucked worse than anything else. With a lot of jobs dependent on the housing market getting it going would be a priority, right? No. Obama wants to keep people in houses they can't pay for, depressing the market and eliminating construction jobs. His numerous programs, HAMP etc, have all artificially kept prices high, shutting out qualified buyers and investors and rewarding the stupid.

The huge failure started at the beginning of the Bush administration when he dropped interest rates to zero to start the housing bubble. Then unregulated loan agents swooped in and promised days of Wine and Roses to borrowers while lying to lenders about their ability to pay. Nothing has been done about that, by the way. Then these loans were bundled into mortgage back securities and sold on the open market as sound investments. Yessiree..the S&P said they were rock solid. Unknown to everyone..the smarties that bundled them..also insuranced them with AIG against loss...

But it was Obama's fault.

1) Bush did not control interest rates. Not even the Chairman of the Fed controls interest rates.
2) The mortgage industry is one of the most highly regulated in the economy
3)Most loans documented worker pay through tax returns and W2s. Those that didnt paid higher rates.
4) Obama took a bad situation and made it worse. The story of his presidency.

So other than being completely wrong and stupid, good post!