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Originally Posted by timmgirvan
http://www.nypost.com/seven/02192009...fix_155901.htm
apparently, this plan doesn't cover anyone but those who have govt-backed mortgages. Private(commercial)or bank mortgaged loans are not helped much,if at all. So, if you wanted a home mortgage without Federal restraints
you're pretty much left to your own devices for a good solution.
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the part i can't stand- incentives to get bankers to rework loans about to default.. the government (
us) will make up part of the difference between the old subprime payments and the new, lower payments the homeowners would have. so, we bail out bad loans, to people who can't afford the loans. then we pay part of their payment-on a house that's lost value.
i'd love to know how this plan will encourage banks not to make more bad loans in future. if they jack up the ARM too much, and the homeowner will default, rework the loan and stick the govt (us!) with the missing money...