Yes, I do believe this is better than nothing. How do you repair a car tire with duct tape though?
The Bush Administration announced today their solution for homeowners in trouble due to the Mortgage Meltdown. We are all aware of what the problem is and probably where it came from. Ok, let's just highlight what the bush administration proposed.
5 year freeze in loan rates for those who QUALIFY??? To qualify homeowners must have or be:
-Not have any late mortgage payments
-Be living in the home known as Owner Occupied
You will not qualify if you:
-Can afford a higher payment.
The Center for Responsible Lending estimates that out of 1.2 million homeowners only 145,000 homeowners will qualify for this freeze.
The administration hopes that the freeze will slow the pace of foreclosures, buying time for the housing market to rebound. I don't know about you but I can think of reasons that both sides of these mortgages can be upset and consider legal action. Foreign investors holding our mortgage-backed-securities were mislead and now have their hands tied by congress. Would you ever want to buy U.S. mortgage-securities again??? As a Homeowner; is this really going to help if you fell victim to predatory lending? Most likely your lender isn't even in business anymore. My last point; Ill highlight a known Pleasanton Realtor, friend and colleague, Tom's article. Work With Someone Who You Know and Has Your Best Interest In Mind.
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