Upside Down Mortgage

Archive for November, 2007

Current Subprime Mortgage Rates

Question: Tell me some good news?

I'm feeling so depressed over all the news about the financial system collapse, the subprime mortgage crisis, bailing out Detroit, that fact that humans will probably be extinct in about 200 years based on our current rate of consumption and destruction and overpopulation. Help! I need to hear some good news!

Answer: I went to the dentist today for my check up and didn't need anything doing...again...that's great news for me!

How To Search Mortgage Rates No Personal Info Req'd

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Obama Mortgage Help Program

Features of President Obama’s mortgage refinancing program

It’s possible to refinance a home loan and avail new home loan facilities through Obama mortgage refinance plan, and benefit with better interest rates, terms, and conditions. The main advantage, or highlight of the refinancing plan is that the loan facility availed can exceed 80% of the actual home evaluation value. As per older guidelines and working, it wasn’t possible for a home loan to be approved for refinancing, if the credit facility to be availed would be for more than 80% of the home evaluation. Real estate and homes have dropped in prices, and mortgage interest rates too have reduced, giving a clear indication that opting for refinancing is a good option.

Qualifying for Obama’s mortgage refinance program

Certain criteria or conditions need to be met, or fulfilled to qualify for the refinancing program advantages offered by the president. The conditions can be briefly narrated as:

• The home to be refinanced should be lived in by the owner. It’s the main prerequisite for availing the home refinance program.

• It’s possible to qualify if the loan or mortgage is either insured, or owned by Fannie Mae & Freddie Mac.

• The loan amount to be availed should be in excess of 105% of the actual or current valuation of the home, as carried out by any federal or state government recognized evaluation agencies. It’s required to get mortgage refinance credit facilities.

• The existing mortgage status and condition must be up to date. From the monthly payments point of view, no payments within the past 12 months should be late, or over 30 days overdue, or not paid altogether. The actual monthly mortgage payments are officially limited to just 31% of the gross monthly income of the borrower. In addition, the total sum of credit payments should not be more than 55% of the calculated pretax income of the borrower.

• The home loan value should be between 80%-105% of the current or market value of the home. This value is also referred to as the LTV ratio, or the “Loan to Value†ratio.

• The previous rule stating that while applying for the loan modification or refinance facility, the applicant needs to own at least 20% equity of the current home value has been written off. The gesture is to make home mortgage refinance affordable.

• The government has declared a $1000 cash benefit or incentives for all banks and mortgage establishments for every loan modification or refinances application. This creates an impetus, and encourages banks to help out the applicants.

• It’s possible to seek professional help from HUD appointed representatives and counselors. They basically function as the applicant’s representatives for all dealings to be carried out with the bank, and represent the applicant’s case in the best possible manner to the bankers. They don’t charge for their efforts and work, since they are on the Federal Government’s payroll.

About the Author:

Usloanz specialize in this type of mortgage refinance and will not turn you away like other institutions such as banks and credit unions.

Source - Qualify for Obama’s Mortgage Refinance Program

Obama's making home affordable program will help thousands save their homes from forseclosure

Clinton Subprime Mortgage

Question: Did Clinton's Treasury Secretary Rubin Get $150 MIL to Steer Citigroup & America into Subprime Mortgages?

http://www.bloomberg.com/apps/news?pid=20601087&sid=awKnYxbW38V0&refer=home

What do you think of former Clinton people getting paid over $250 MIL at Citigroup and Fannie Mae, given what those two firms have done to taxpayers and our economy

(Jamie Gorelick, Franklin Raines)

Answer: The Democratic party is the party of the Rich Fat Cats.
Always has been, always will be.
Obama had to dump Jim Johnson from his VP search team for getting favors on the mortgages on his several expensive mansions. Johnson was at Fannie Mae with Frank Raines who was supporting Clinton.
Then Gorelick who was at Justice under Clinton went to Fannie although she supported Gore.
All of them have bunches of houses like the Kerrys and the Kennedys.
They're all rich like Pelosi and Feinstein, Herb Kohl -as in the department stores, Rockefeller -anyone????

The 65 wealthiest counties in America all have voted Democrat in the past decades. Every time. They are represented by liberal Democrats in Congress, almost all of them have 2 liberal Senators, almost all have Democrtic governors. They contribute the nost money to the DNC - mostly in large amounts - often in 6-figures or more - and to Democratic candidates and liberal causes.

And the Democrats make a fuss over the hard working dad of Cindy McCain selling enough six-packs to buy a few extra houses? Geez.

What are Clinton and Obama's stance on domestic issues-2/3