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Freddie Mac Bail Out For Sub Prime Borrowers

We just had a presentation by our Freddie Mac rep and she said that Freddie has set aside $20 Billion dollars to be used to bail out sub-prime borrowers who get in trouble with their loans.

The bail out loan program should be available some time in the fourth quarter of this year. She said they are running pricing models on the loan program now and she did not have a feel for what it would look like. She did say that one of the requirements to qualify for this loan would be....................................

Are you sitting down?

You are not going to believe this!

The current sub prime loan MUST have at least one 30 day late!

Good Luck, Good Lending, and Aloha

Posted by Bruce Bourgault, Vice President, Mpro on 08/22/2007 07:23 PM

Comments (20)

bail out, va loans, hawaii loan officer

20 Comments on Freddie Mac Bail Out For Sub Prime Borrowers

AUG

2007

Hi Bruce, How's it going? Have you had your surgery as yet? I read your post about mentoring, very touching and wonderful. I didn't comment on it but liked it and it is sort of my model as well.

I had posted about this some 3 weeks ago and I feel that all these small parts ( FHA, Freddie and Fannie) will come together and make things a least a little better. Hopefully it does.

Be well and stay vital and involved, Bruce.

All the Best!
William

just 1.

that shouldn't be a problem.

do ya think?

20 billion (with a guideline like that)should last what do you think?

2 days maybe 3

Bruce,

Thanks for the info....I don't think many people would have trouble making this qualification :)

Bruce,

Thank You !!!!!!!

Tom Weiss

Hi William - I missed your post when it came out so went baqck and read it. I agree all will participate. Thanks for your comments on my Mentor Blog. My surgery is on the 4th of Sept. Thanks for caring. Aloha

Jay, Kathy and Tom --I here you, but sitting in a conference room with an underwriter telling you, you MUST have a late payment to qualify is a bit unnerving. LOL Aloha

Bruce,

News seems to travel a bit slowly when headed to the big island. This program was mentioned last april. The Bloomberg folks had reports http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a_8RGTBTbZkA

First it was July, now you hear the 4th quarter. If they keep waiting, there won't be anyone to save.

jmac

Hi Jmac -- Thanks for sharing. I don't know where I was but I missed this info. And they tell us to under promise and over deliver. Aloha

AUG

2007

"Rising to the challenge"...when the sky is falling!

Many of you know my husband, Bruce Bourgault, on AR. He is an exceptional person, my hero and the best mortgage banker you will ever encounter AND active AR blogger. He is also facing laryngeal cancer again after several months in remission...now facing invasive surgery on Sep.5th.

I am his wife/life partner, Linda, but didn't know that there were "two g's in mortgage" before we met on-line on Veteran's Day in 1996 and subsequently married in San Antonio, TX on Nov 1st 1997. I'll share that exciting experience at another time. All I'll say for now was that it was "HOT!" ...and continues to be so.

Soooooooooooo, we are facing this challenge head-on and doing everything possible to conquere this insidious disease. While others say "the sky is falling" we choose to challenge one another, this disease and live life to the fullest. We have a great family...three independent children, all married and sharing 4 grandchildren plus a 5th in adoption from China...she'll be with us in 1-1/2 years or so. So much to look forward/share with everyone.

Meanwhile our plan is that while Bruce is in hospital I will be his voice and assist him professionally. He also has a great partner at the Central Pacific Bank who will act on his behalf.

Please know there is always hope and positive outcomes even when the sky is falling! We share this belief and act accordingly.

We thank each and everyone of you...for your positive thoughts, prayers and promises of "hot dog days" ahead with lotsa mustard, pickles, onions!!!

Ala B's sign-off...good luck, good lending and aloha...and my personal signature - peace and love to all, LuLu

P. S. Stay tuned for info here and on Bruce's blog.

"Rising to the challenge"...when the sky is falling!

This is not a direct response to B's latest entry. This is referenced to my latest blog entry as Linda Bourgault...I want Bruce and all of you to read it...he will respond as he desires.

Meanwhile our plan is that while Bruce is in hospital I will be his voice and assist him professionally. He also has a great partner at the Central Pacific Bank who will act on his behalf.

Please know there is always hope and positive outcomes even when the sky is falling! We share this belief and act accordingly.

We thank each and everyone of you...for your positive thoughts, prayers and promises of "hot dog days" ahead with lotsa mustard, pickles, onions!!!

Ala B's sign-off...good luck, good lending and aloha...and my personal signature - peace and love to all, LuLu

P. S. Stay tuned for info here and on Bruce's blog.

Linda, I believe in the power of prayer, not as a panacea or magical cure, but as a means of support for you and Bruce. My grandmother used to talk of "holding [her friend] up in prayer." We'll be holding the two of you up, along with hundreds of your other AR friends.

Linda and Mike. I am humbled. Thank you so much. Aloha

Sounds good, but I would have to agree with jay's comment - it is only a drop in the bucket.

Thank you very much for sharing, every little bit will help! Would you mind asking your wife if she would call me regarding possibly directing someone in my office to know what would need to be done for loss mitigation? Thanks!

Bruce - thanks for sharing this. This is so typical. You have to be behind on your payment before help can be given. What in the world are the people who design these programs thinking. It's almost as if you are punished for being responsible - go figure.

I guess you go late, get the new loan and then go pay a credit repair company to contest it off your credit report. Now that's logical.

I going to go on a hunt for some common sense!

Bruce, I don't do conforming or agency stuff so this isn't actually in response to your post. It is rather that I wanted to stop by and see who you are. I was prompted by Kate's remark on her blog about going 'round and 'round with you. I'm really glad I came over. Good luck with you surgery. It is obvious that you will have many pulling for you.

Bill Roberts

Hi John and Shane -- Remember this is just Freddie, I am sure that Fannie and HUD will come out wit a program of their own.

Hi Kate -- We're from the Government and we're here to help you! Aloha

Hi Bill -- Thanks so much for stopping by. Yes Kate and I are poles apart in our thinking but really enjoy the discussions. It is so humbling to have so many people pulling for you. Aloha

Bruce Thanks for your comments and association links. I come to Oahu first of every month for Art and Poetry first Fridays Chinatown. I'd like to meet you. You have a wealth of knowledge and sources beyond. The short sale and sub prime bail outs seem aggressive when they state that the 30 day lates needs to be there. Well we will see what happens to everyone in this situation. What I can say is; I sleep well at night, because I didn't sell anyone a loan or product that would have an arm or a sub-prime beneficiary, unless they knew what they were buying and if they were able to handle the increase of payments. Also here on Maui we have seen some vacation rental tax increase and is sending people into a frenzy in can jump from $800 a year to $3600 a year. many first time home buyers just can't swing that. I hope to meet you one day on Oahu.

Aloha ha ha

Jeffery

HI Jeff --Would love to meet you too. This first Friday I will be a guest at Queens as I am going in for the final cancer surgery on my throat. I will be in Queens from the 4th for about 2 weeks. Hope fully, I will be cancer free and with a new artifical voice and be ready to kick butt at the end of the two week period. Maybe forst Friday in Oct. Aloha

We just saw Bruce about an hour ago. We wish him and his family the best in this fight with cancer. Our family will keep him in our prayers.

Hi Randy -- Thanks so much. You have no idea how much I appreciate them. Aloha

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