Author Topic: Rogue Obama Plans to Forgive Mortgages and We Can't Say the Country is Screwed?  (Read 2144 times)

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Offline DCPatriot

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"It aint what you don't know that kills you.  It's what you know that aint so!" ...Theodore Sturgeon

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Offline Rapunzel

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Hmmm so how do I find out if my mortgage -- which has been sold at least three times I know of -- is a FM or FM held mortgage?

Offline mountaineer

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Oh, it isn't, behaving outside the Constitution is not that big a deal?  When's it gonna become a big enough deal to do something about?  When's it gonna become a big enough deal to try to stop? 
And people think we're overreacting. We are so incredibly screwed.
A day without sunshine is like, you know, night.

Offline Chieftain

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Be it far from me to dispute the undisputed Master, but I read about this idea a couple of months ago, and the rate that was being discussed was 2%.  4.2% is pretty close to the current rate.

Other than the rate being offered, Rush has this right; but the plan as I understand it is to offer extremely discounted (meaning underwritten by the Government) mortgages for anyone who qualifies, and if you fog a mirror you qualify....


Offline Rapunzel

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Be it far from me to dispute the undisputed Master, but I read about this idea a couple of months ago, and the rate that was being discussed was 2%.  4.2% is pretty close to the current rate.

Other than the rate being offered, Rush has this right; but the plan as I understand it is to offer extremely discounted (meaning underwritten by the Government) mortgages for anyone who qualifies, and if you fog a mirror you qualify....



The article says no credit checks or anything, just a straight re-write if you have a loan under Fannie or Freddie.......

Offline Oceander

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The article says no credit checks or anything, just a straight re-write if you have a loan under Fannie or Freddie.......

In other words, replacing one liar's loan with another liar's loan.  Meanwhile, honest people who work hard are having the devil's own time qualifying for a mortgage, in large part because of the financial crash caused largely by the tainted loans that the government encouraged and then securitized.

Hair of the dog that bit you doesn't work for hang-overs and it sure as heck doesn't work for financial markets.

Offline Rapunzel

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In other words, replacing one liar's loan with another liar's loan.  Meanwhile, honest people who work hard are having the devil's own time qualifying for a mortgage, in large part because of the financial crash caused largely by the tainted loans that the government encouraged and then securitized.

Hair of the dog that bit you doesn't work for hang-overs and it sure as heck doesn't work for financial markets.

That's what they are doing.  Did you see today they said BofA has to give money to ACORN?  You may not remember, but before the election I posted a little known story about Obama being one of the lawyers who sued Citibank on behalf of Acorn (when he was still an attorney -- before he lost his license for  :shrug: reason)....

Offline Chieftain

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The article says no credit checks or anything, just a straight re-write if you have a loan under Fannie or Freddie.......

Or FHA, or GMAC Mortgage, or Ally Bank, or any other program that might be out there through any shadow government mortgage lending entity.  As I recall the goal was to get people to refinance at 2% interest, but lock them in on lifetime mortgage insurance which wipes out a great deal of the savings, and lets not forget that the recent 2 month budget deal Congress just passed was directly on the backs of anyone who buys or refinances a home after January 1st.  If you finance a $200K house, that new fee will cost you about $17 a month...

Smoke and mirrors.

Offline Rapunzel

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Or FHA, or GMAC Mortgage, or Ally Bank, or any other program that might be out there through any shadow government mortgage lending entity.  As I recall the goal was to get people to refinance at 2% interest, but lock them in on lifetime mortgage insurance which wipes out a great deal of the savings, and lets not forget that the recent 2 month budget deal Congress just passed was directly on the backs of anyone who buys or refinances a home after January 1st.  If you finance a $200K house, that new fee will cost you about $17 a month...

Smoke and mirrors.


I'm at 6.25%, I could live with a 2% straight re-write.

Offline mountaineer

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Our mortgage is paid off. We owe no one a dime.
I have a feeling we're the ones who will be screwed the worst!   :thud:
A day without sunshine is like, you know, night.

Offline Chieftain

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I'm at 6.25%, I could live with a 2% straight re-write.

Perhaps, but I would research what strings are attached first.  The Devil is in the details, and details on this idea are few...


Offline Rapunzel

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Perhaps, but I would research what strings are attached first.  The Devil is in the details, and details on this idea are few...



I know, that is why I resisted all those mailers in the mail offering big $ for refi on my house back in those crazy days of escalating prices and easy re-fi's, I heard horror stories of $10,000 fees on those loans, how crazy is that!

Offline DCPatriot

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Rush repeated the only criteria was that you had to be 3 months concurrent on your mortgage.  That's all.

Does that mean that somebody that has lived for free for 2 years waiting for the eviction-foreclosure date can start paying for 90 days and get absolution?

Say 3 Hail Marys and 2 Our Fathers, in nominee Patri, Filio. Spiritu..... :patriot:
"It aint what you don't know that kills you.  It's what you know that aint so!" ...Theodore Sturgeon

"Journalism is about covering the news.  With a pillow.  Until it stops moving."    - Iowahawk


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