Bush Plan, 5 Year Rate Freeze Moratorium For Mortgage Holders
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It looks like a deal is being worked out between the White House and Mortgage Lenders on a freeze on mortgage rates. Anytime the government gets involved in the private markets as abruptly as this their are always serious unintended consequences.
All of the talk about foreclosures has not had me nervous for the economy up until this point. Now I am getting fearful. Let’s hope I am wrong.
President George W. Bush is expected to outline on Thursday a plan to freeze mortgage rates for five years for many U.S. homeowners facing sharp increases in their monthly payments, industry sources said on Wednesday.
Final details of the plan are still being worked out after a trade group that represents large mortgage investors presented its framework for implementing a broad rate freeze to the Treasury Department late on Tuesday, the sources said.
“The president will make a statement on housing issues tomorrow afternoon,” a senior administration official said, declining to elaborate on details.
The sources, who are familiar with details of the trade group’s pitch, said the plan envisions covering subprime loans taken out between January 1, 2005, through the end of this past July, with rates that are due to reset over the coming 2-1/2 years. via Reuters.
Thank you for verbalizing some of my thoughts in a concise fashion.
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Comment by Utah Homer on 5 December 2007:
I’m not sure who it will hurt the most, but this just isn’t going to work.
Comment by Atlanta New Homes on 6 December 2007:
Who knows if this will work or not.
For the sake of the general public, lets hope it does.
Think positive Utah Homer lol.
Comment by Pat on 23 December 2007:
We have a solution that the consumer can even do themselves and save thousands or opt in for non profit groups or attorneys to assits them.
STEP ONE
Create Free Web Account
Web Software Determines Qualification
FREE ANALYSIS
Login to New Account
STEP TWO
Free Consultation with Attorney
View Free Evaluation for Consumer Instructions on “How To do this on their own Option is offered”
Attorney Representation option is offered to Borrowers.
STEP THREE- (If Opted In For Attorney’s Representation)
If Opted In For Attorney Representation Borrower pays only $300 Fax in required documents via exclusive Barcode Fax to the secure login provided by Myrecast System
PHASE ONE
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PHASE TWO
Once file is received from Lender, MyRecast System will audit mortgage file for Predatory Lending and Deceptive practices violations from the lender - Software Program has Original Subprime Lender Matrix and Guidelines that Underwriters used in qualifying consumers loans originally.
PHASE THREE - (Only If Needed)
If a Lender refuses to negotiate with the attorney we will request a HUD Expert; Professional Witness to review file and File HUD and or RESPA violations complaint against Lender. If necessary an additional fee of $250 will be required.
PHASE FOUR
Lender has agreed to the changes on the loan. Completion to Modify Lenders Loan for Consumer. Upon successful modification of the NOTE a final payment of $425 will be due.
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Pat